On January 15, 2025, the Korean film industry will drop a bombshell - a movie (CrytoMan) based on the Luna incident is about to be released. This film carries a lot of attention and expectations, and once it debuts, it will surely create waves in Korea and the entire crypto circle.
Review of the Luna Incident
Before May 2022, $LUNA was a star project in the crypto market, with its price increasing nearly a thousand times in two years and a peak market cap of over $41 billion, ranking fifth in the global crypto market. However, in less than a week, it vanished, with the price plummeting from nearly $90 to $0.00005, leaving less than a millionth, causing countless people to lose their fortunes.
#LUNA's crash also triggered a decline in the entire cryptocurrency market, with the total market value dropping by $600 billion in just six days. Numerous large institutions went bankrupt as a result, and the crypto crisis triggered by LUNA's collapse has even been likened to the financial crisis of 2008 caused by Lehman Brothers' bankruptcy. According to (Korea Economic), complaints about the failure of LUNA investments are everywhere on various investment forums in Korea. Korean media reports that as LUNA became 'worthless' overnight, many Korean investors found it hard to accept and even threatened to commit suicide. Do Kwon, the founder of Terra, LUNA, and UST, who was once called the 'Korean Elon Musk', is now viewed as 'the biggest fraudster in history', and many investors have jointly filed a lawsuit against him.
The 'butterfly effect' triggered by LUNA's collapse shook the entire crypto space. On May 12, Bitcoin dropped to a low of $26,628.17, with a daily decline of 15%; Ethereum's price fell to a low of $1,784.46, with a daily decline exceeding 20%, dropping 55% from its high of nearly $4,000 two months prior. According to relevant media reports, Binance CEO Zhao Changpeng was also not spared in this crypto 'tsunami', with his personal wealth shrinking from $96 billion to $11.6 billion, evaporating nearly 90%. According to (Economic Times of India), more than 4 million investors in the country have been affected by this incident. The LUNA incident triggered an earthquake in the crypto space, with hundreds of billions of dollars in wealth evaporating instantly, while founder Do Kwon has not stated how he will address the aftermath, leaving hundreds of thousands of global investors with no recourse for their rights. (To be continued) #MOMMY