In this period when the crypto money markets are under pressure, low investor confidence in the project and the investigation of Terraform Labs and its founder Do Kwon remain the main factors that bring the LUNA price down.
While the anxiety around LUNA continues, the crypto asset, which has lost more than 20 percent since yesterday, fell to $ 3.3 today. After the new LUNA was launched on May 28, it had risen for 3 days and reached the limit of $ 11 . After the peak seen on May 30, investors started to sell the LUNA tokens they obtained through airdrop, and there is now a decrease of close to 70 percent from the peak price.
It was a remarkable development that Terra founder Do Kwon's Twitter account was switched to private mode after the high depreciation in a short time. Currently, only followers can see Do Kwon's messages.
While Terra 2.0's rebirth plan has not seemed to work until now, the plan was also subject to intense criticism during its initial release. However, after being approved by major investors, Terra continued on its way with a new Blockchain.
On the other hand, the abandoned legacy Luna token continues to see similar depreciation as LUNA after being rebranded as Luna Classic (LUNC). LUNC, which saw a decrease of 45 percent in June, fell to $ 0.00006.
The old algorithmic stablecoin TerraClassicUSD (USTC), on the other hand, has lost 15 percent in the last 24 hours since yesterday and continues to find buyers at $ 0.01.
Human rights leaders demand responsible crypto policy in open letter
A group of human rights defenders from around the world wrote a letter to the US Congress in support of a "responsible crypto policy", referring to the power they wield in countries where "local currencies have collapsed".
This letter was written in response to an anti-crypto letter sent to Congress last week from a scientific community allegedly made up of 1,500 computer scientists, software engineers, and technologists.
The 21 human rights leaders who signed the pro-crypto letter are citizens of countries with recent conflicts and otherwise unstable economies, such as Russia, Ukraine, Iraq, Afghanistan, Palestine, and even North Korea.