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Terras Do Kwon Could Be Planning To Dump Bitcoin To Zero | Investing.com

key takeaways

  • kwon revealed he wants to crash the crypto market after realizing his ponzi is unsustainable, anonymous sources have said.
  • do kwon wants to dump bitcoin to zero because he realized that terra is destined for failure, anonymous sources have said.
  • kwon enlisted the help of a group of bored hackers and 0xsifu to acquire satoshi nakamoto’s opening phrase to access his bitcoin.
  • several layer 1 networks have collapsed on the news, while top-tier nfts continue to trade at record highs.
  • kwon reportedly said that if it just fails, the market crypto in general should also fail.

cryptocurrency market in crisis due to the explosion of kwon

Terraform Labs CEO Do Kwon plans to zero out his bags, sources confirmed. According to multiple sources, the Korean businessman has decided that he wants to crash bitcoin and the crypto market in general upon realizing that terra’s ponzinomics model is unsustainable.

a source familiar with the matter told crypto briefing,

“he kept insisting that the failure of ust is equivalent to the failure of cryptocurrencies themselves and that no one could prevent bitcoin from collapsing because its size is not its size. then he posted a bunch of tweets about how anyone who wasn’t a lunatic was getting by on the left side of the curve.”

Reading: Do kwon dumping bitcoin

The reveal comes after Kwon, who has been living in Asia all his life to avoid us. regulations, he was praised for reviving the largest crypto bull market in history in the first quarter of 2022. kwon took the market out of goblintown by amassing whale-sized stacks of bitcoin through the moon foundation guard, a organization established to prevent ust de terra from meeting the same fate as any other algorithmic stablecoin. His conviction on Terra and the strength of the market in general was so high that he bet $11 million with two veteran traders that Luna would stay above $88 by March 2023.

the guard of the luna foundation recently became the second largest bitcoin holder in the world, which is not enough to crash the market on its own. however, kwon reportedly recruited a group of hackers who stole over 500 boring nfts from the yacht club to gain access to satoshi nakamoto’s bitcoin wallet, which contains 1 million coins, about 5% of the supply . the hackers say they and 0xsifu found satoshi nakamoto on the wonderland discord server and convinced him to give away his opening sentence. kwon believes shedding the lot will be enough to cause big ripples in the market, a source said.

The crypto community reacts

A group of passionate bitcoin bulls has laid out a plan to prevent kwon from destroying the market. According to documents seen by Crypto Briefing, Nayib Bukele, Adam Back, Cathie Wood, and Michael Saylor have created a group called Bitcoin Maximal Bid Trust to lead Kwon sales.

See also: Man lost 500,000 life savings in crypto exchange ‘scam’ after trader ‘died with password to funds’ | Science & Tech News | Sky News

saylor’s micro-strategist has allegedly secured over 100,000 bitcoins, as well as his multimillion-dollar property portfolio and two superyachts, through silvergate bank to borrow money to buy a “swarm of cyber hornets,” which is likely to be a reference to the major crypto asset (saylor, known for his lack of interest in anything other than accumulating bitcoin, has somewhat oddly compared bitcoin to a swarm of cyber hornets on multiple occasions in the past).

bukele, meanwhile, would have allocated more than a billion dollars initially earmarked for el salvador’s first bitcoin bond. Sources said he plans to use the 10-figure sum to buy the latest dip through his iPhone. Anthony Pomliano has also reportedly paused the best business program to restart the bitcoin pizza company he launched last year; the funds raised will be used to buy bitcoins in cash.

Several other networks have been greatly affected by the news. Ethereum, which this week postponed its proof-of-stake upgrade until 2028 so that the Ethereum foundation can dump another multi-billion dollar bag of eth at the next market top, has suffered due to widespread uncertainty about the future of crypto as an asset class.

0xsassal, a devout ethereum pseudonym best known for hosting the daily podcast wei, told crypto briefing that he was considering making good on his promise to hold a dance to save eth from recession (he memorably promised to dance when eth emerged to a new all-time high in early 2021, but then retraced with no explanation as to why).

“It looks shady so I was thinking of posting it as a twitter video (nyse:twtr),” he said in a telegram message. “On the plus side, even though eth is tanking, I have a pretty decent collection of figurines that I’ll be able to throw away if I need some extra cash. and since there are so few people using ethereum now, gas rates have dropped back below $200.”

solana, touted as “the world’s highest performing blockchain,” was hit by another clog early Friday as users began to panic. Sources say Solana’s team has developed a plan for the blockchain to be powered off and back on to make it work. cardano has been spared because no one uses it, while cosmos, crypto’s self-styled “internet of blockchains,” continues to operate in a year-long side channel.

nfts, degen spartan come out unscathed

See also: Causes of the 2018 crypto rout

While the drop has shaken most cryptocurrency holders, some bear market participants say they anticipated this moment to come. one of the multiple identities linked to degen spartan’s twitter account told crypto briefing that he’s pleased to see the market panic because he took a risk years ago.

“I’ve been sitting in stables since bitcoin shed $19,000 in 2017,” he said. “It’s hard for me to feel sympathy for someone because it was obvious that everything was going to zero when his zhu hinted that he was long the other day.”

Interestingly, one section of the cryptocurrency market appears to be operating largely uncorrelated to bitcoin. Despite the looming threat of nuclear crypto winter, several nfts have hit record low prices this week. One source told Crypto Briefing that the hackers kwon has recruited have chosen to stick to their apes to keep the red-hot market afloat.

“It benefits them that the apes continue to fly, and they insist that they do it for the culture. one of them told me ‘we like jpegs’ when I asked why they hacked so many users”,

said the source. however, the nft market may not hold its highs for long. Analysts told Crypto Briefing that the only reason so many so-called blue chips (bored ape yacht club and azuki among them) are gathering is because experts picked them up to participate in their recent airdrops. now that token distributions have begun, they will soon dump them onto the very people they targeted, the analysts explained.

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See also: Bitcoin Turns 13! All You Need to Know About BTCs Journey Thus Far

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