1. WHAT IS LUNA?
Luna, a coin that’s part of the pegging mechanism for TerraUSD, tumbled 99.99% over the past 24 hours
Broader crypto markets showed few signs of getting caught up in turmoil.
With stable coins like Tether holding their pegs and primary tokens including Bitcoin and Ethereum trading little changed
2. THE PROBLEM WITH THE LUNA
If you had invested in LUNA in February 2021, you would have known that LUNA at $3 was an expensive coin for the majority of cryptocurrency investors.
No one was interested in buying LUNA except for the few LUNAtics who knew the potential of this hidden gem.
Well, everyone’s attention was focused on the DOGE, it was sticking its head in and out of the top 10.
Fast Forward to February 2022, all those debates have lost steam except for DOGE- still trying to fit in the top 10 with its same old promise of reaching $1 in the indefinite future.
All those investors who were pocket-deep into ADA, DOT, XRP, XLM, BCH, and LTC are not doing so well.
Whatever gains were made in 2021 were wiped off and now their prices are more or less around the same level.
If you take a deep look at the prices of the over-hyped coins, you’ll notice that they have almost fallen back to their year-old levels.
However, LUNA’s story is the total opposite.
On the same date, LUNA was at #40 with a price of $3.05!
So, if you were a sheep investor and believed in all those senseless debates, you are now officially an unlucky bag holder who never got a chance to get out of his position.
However, if you had stepped out of the buzz, and focused on quality gems, you would have bought LUNA around February 2021 and would have enjoyed the approximate 34X gains by December 2021.
Even if you hadn’t sold and had HODLed LUNA till today, you would have only Some $$$ ( -99.99% )
3. IS IT GENUINE OR A SCAM?
To understand the LUNA Fud, you need to know Michael Patryn. This man is an ex-convict who was sentenced to 18 months in a U.S. federal prison.
He was the co-founder of the infamous Canadian cryptocurrency exchange called QuadrigaCX which collapsed in 2019 causing a total loss of $215 million.
After disappearing for over two years, Michael reappeared as OxSifu, the pseudonymous treasury manager for a DeFi project, Wonderland, a fork of Olympus DAO.
It was not until zachxbt, a self-proclaimed crypto detective, exposed the secret that investors were left with their jaws dropped.
He revealed that he got acquainted with Patryn in a trading group consisting of other crypto personalities.
Patryn had introduced himself as an early Abracadabra investor.
Sestagalli was impressed with the valuable input Patryn had added concerning yield farming mechanics in other chat channels.
After reconsidering Patryn’s suggestions for Abracadabra’s features, Sestagalli concluded that Patryn would be the perfect fit for the role of Treasurer in Wonderland.
Sestagalli was not aware of Patryn’s past when he hired him. But when Sestagalli had to flee his country of residence after receiving threats against his family.
He invited Patryn to move to the same region.
Patryn agreed, and when they grew closer in person, Patryn revealed his past but even after Sestagalli knew about Patryn’s secret, he did not disclose it to the community immediately.
In Sestagalli’s own words,
I have been thinking today, could I have prevented more damage today by saying.
‘Yes, it’s him? I don’t know. So, if Zach hadn’t exposed OxSifu.
Sestagalli would have kept the community in the dark
Anonymous culture is popular in crypto, mainly in Defi circles, where founders and prominent members carry a certain level of anonymity.
However, if one of the key members in your crypto project is an ex-convict, it is your moral responsibility to let the community know and let them make the decision.
After all, that is how a DAO works, or should work at least! Although LUNA has phenomenal fundamentals, all that investors care about is the current price.