Terra Employees Subpoenaed, Shiba Inu Founder Deletes Tweets, Prada Launches NFTs

Terra Employees Subpoenaed

According to a local media report, Terraform Labs employees have been subpoenaed by the South Korean financial and securities crime authorities and requested to submit all related company materials. In addition, the Seoul Southern District Prosecutors' Office is investigating whether there was price manipulation and whether cryptocurrency exchanges went through the proper listing processes. 

Luna launched in May 2019, and a year and a half later, Do Kwon introduced the UST stablecoin into the ecosystem. The introduction of UST, and its algorithm pairing mechanism, pushed the price of LUNA 40 000%. - from a low of $0.20 to a high of $119.

 After the UST stablecoin depegged from the $1, the price of Luna crashed by more than 99%. Luna is now trading below $0. At least 76 victims have filed a lawsuit with authorities, and a full investigation is underway.  

Shiba Inu Founder Deletes Tweets

Shiba Inu founder, who goes by the pseudonym Ryoshi, has deleted all of his Twitter posts, leaving 196K followers without a leader. Ryoshi also deleted his blog posts on Medium, leaving the short message: “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens.”

SHIBA is a meme cryptocurrency created in August 2020. It dubbed itself as a Dogecoin killer. SHIBA creator, Ryosh, sent 50% of the tokens to Vitalik Buterin, the famous Ethereum co-founder. Buterin donated all of his SHIBA holdings to an Indian COVID 19 relief fund. The donation was worth $1 billion. 

The publicity of the stunt brought SHIBA Inu out of obscurity and into the limelight. Now Shiba Inu sits in the top 20 list of cryptocurrencies in market cap.    

Prada Launches NFTs  

Prada, the Italian luxury fashion brand, will  launch NFTs called the Prada Timecapsule NFT Collection on Thursday, 2nd June. The collection consists of 100 gender-neutral shirts designed by artist Cassius Hirst, the son of Damien Hirst. Each t-shirt comes with a gifted NFT GIF of the serial number of the physical item.

The Prada Timecapsule is an online initiative that launched in 2019. It features limited edition clothing collections on the first Thursday of every month. The items are made available on the Prada online store for 24 hours. For the first time, Prada will be introducing NFTs into the mix. In addition, Prada will extend the NFT gifts to all holders of Timecapsule clothing items dating back from its inception. 

Written by Lindi Miti © Crypto University 2022