{"id":3111,"date":"2022-04-04T03:33:18","date_gmt":"2022-04-04T03:33:18","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=3111"},"modified":"2022-04-04T03:33:19","modified_gmt":"2022-04-04T03:33:19","slug":"terras-do-kwon-planning-to-dump-bitcoin-to-zero-sources","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=3111","title":{"rendered":"Terra\u2019s Do Kwon Planning to Dump Bitcoin to Zero: Sources"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>Do Kwon wants to dump Bitcoin to zero because he has realized that Terra is destined to fail, anonymous sources have said.<br \/>\nKwon reportedly enlisted the help of a group of Bored Ape hackers and 0xSifu to acquire Satoshi Nakamoto&#8217;s seed phrase to get access to his Bitcoin.<br \/>\nSeveral Layer 1 networks have tanked on the news, while blue chip NFTs continue to trade at record highs. <\/p>\n<p>Share this article<\/p>\n<p>Kwon reportedly said that if UST fails, the broader crypto market should fail with it.\u00a0<\/p>\n<h2>Crypto Market In Turmoil on Kwon Outburst<\/h2>\n<p>Terraform Labs CEO Do Kwon is planning on dumping his bags to zero, sources have confirmed.\u00a0<\/p>\n<p>According to multiple sources, the Korean entrepreneur decided he wants to crash Bitcoin and the broader crypto market on the realization that Terra\u2019s Ponzinomics model is unsustainable. \u201cHe kept going on about how the failure of UST is equivalent to the failure of crypto itself and that no one would be able to stop him from crashing Bitcoin because their size is not his size,\u201d a source familiar with the matter told <i>Crypto Briefing<\/i>. \u201cThen he posted a bunch of tweets about how anyone who wasn\u2019t a LUNAtic was coping on the left side of the curve.\u201d\u00a0<\/p>\n<p>The revelation comes after Kwon, who\u2019s been living in Asia his whole life to avoid U.S. regulations, was praised for reviving crypto\u2019s biggest bull market in history in Q1 2022. Kwon took the market out of Goblintown by accumulating whale-sized stacks of Bitcoin via the Luna Foundation Guard, an organization established to stop Terra\u2019s UST from meeting the same fate as every other algorithmic stablecoin. His conviction in Terra and the broader market\u2019s strength was so high that he bet $11 million with two veteran traders that LUNA would hold above $88 by March 2023.\u00a0<\/p>\n<p>The Luna Foundation Guard recently became the world\u2019s second-largest Bitcoin holder, which isn\u2019t enough to crash the market alone. However, Kwon has reportedly enlisted a group of hackers who stole more than 500 Bored Ape Yacht Club NFTs to get access to Satoshi Nakamoto\u2019s Bitcoin wallet, which contains 1 million coins\u2014around 5% of the supply. The hackers say that they and 0xSifu found Satoshi Nakamoto on the Wonderland Discord server and convinced him to give his seed phrase away. Kwon believes that dumping the lot will be enough to cause major ripples in the market, one source said.\u00a0<\/p>\n<h2>The Crypto Community Reacts<\/h2>\n<p>A group of ardent Bitcoin bulls has established a plan to stop Kwon from tanking the market. According to documents seen by <i>Crypto Briefing<\/i>, Nayib Bukele, Adam Back, Cathie Wood, and Michael Saylor have created a group called the Bitcoin Maximal Bid Trust to front-run Kwon\u2019s selling. Saylor\u2019s MicroStrategy has supposedly collateralized more than 100,000 Bitcoin, as well as his multi-million dollar property portfolio and two superyachts, via Silvergate Bank to borrow money to buy a \u201cswarm of cyber hornets,\u201d which is likely a reference to the top crypto asset (Saylor, known for his lack of interest in anything other than accumulating Bitcoin, has somewhat bizarrely likened Bitcoin to a swarm of cyber hornets on multiple occasions in the past).\u00a0<\/p>\n<p>Bukele, meanwhile, has reportedly allocated more than $1 billion dedicated initially to El Salvador\u2019s first Bitcoin bond. Sources said that he plans on using the 10-figure sum to buy the latest dip via his iPhone. Anthony Pompliano has also reportedly put <i>The Best Business Show <\/i>on hiatus to restart the Bitcoin pizza venture he launched last year; the funds raised will apparently go toward buying spot Bitcoin.\u00a0<\/p>\n<p>Various other networks have been hard-hit by the news. Ethereum, which this week postponed its Proof-of-Stake upgrade until 2028 so that the Ethereum Foundation can dump another multi-million dollar bag of ETH at the next market top, has suffered due to widespread uncertainty over crypto\u2019s future as an asset class. 0xSassal, a pseudonymous Ethereum devotee best known for hosting <i>The Daily Wei <\/i>podcast, told <i>Crypto Briefing<\/i> that he was considering following through on his promise to perform a dance to save ETH from the downturn (he memorably committed to a dance when ETH surged to a new all-time high in early 2021, but then backed out with no explanation as to why). \u201cIt\u2019s looking bleak out there, so I was thinking of just posting it as a Twitter video,\u201d he said in a Telegram message. \u201cOn the plus side, although ETH is tanking, I have a pretty decent collection of figurines I\u2019ll be able to dump if I need any spare cash. And as there are so few people using Ethereum now, gas fees have dropped below $200 again.\u201d\u00a0<\/p>\n<p>Solana, touted as \u201cthe world\u2019s most performant blockchain,\u201d was hit by another clog early Friday as users began to panic. Sources say the Solana team has developed a plan for the blockchain to turn itself off and on again to get it working. Cardano has been spared because no one uses it, while Cosmos, crypto\u2019s self-described \u201cInternet of blockchains,\u201d continues to trade in a year-long sideways channel.\u00a0<\/p>\n<h2>NFTs, Degen Spartan Come Out Unscathed\u00a0<\/h2>\n<p>While the dip has shaken most crypto holders, some more bearish market participants say they anticipated that this moment would arrive. One of the multiple identities tied to Degen Spartan\u2019s Twitter account told <em>Crypto Briefing<\/em> that he\u2019s pleased to see the market panicking because he derisked years ago. \u201cI\u2019ve been sitting in stables since Bitcoin dumped from $19,000 in 2017,\u201d he said. \u201cIt\u2019s difficult for me to have sympathy for anyone because it was obvious that everything was going to zero when Su Zhu hinted that he was long the other day.\u201d\u00a0<\/p>\n<p>Interestingly, one section of the crypto market appears to be trading largely uncorrelated with Bitcoin. Despite the looming threat of a crypto nuclear winter, several NFTs have hit all-time high floor prices this week. One source told <i>Crypto Briefing<\/i> that the hackers Kwon has enlisted have opted to hold onto their apes to keep the red hot market afloat. \u201cIt benefits them if apes keep soaring, and they insist that they\u2019re in it for the culture. One of them told me \u2018we like the JPEGs\u2019 when I asked why they hacked so many users,\u201d the source said. The NFT market may not sustain its highs for long, though. Analysts told <i>Crypto Briefing <\/i>that the only reason many so-called blue chips\u2014Bored Ape Yacht Club and Azuki among them\u2014are rallying is that insiders scooped them up to get in on their recent airdrops. Now that token distributions have commenced, they\u2019ll soon dump them on the same people they front-ran, the analysts explained.\u00a0<\/p>\n<p><em>Disclosure: At the time of writing, the author of this piece owned ETH, ATOM, and several other cryptocurrencies.\u00a0<\/em><\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<h3 class=\"title\">A Guide to Yield Farming, Staking, and Liquidity Mining<\/h3>\n<p>\nYield farming is arguably the most popular way to earn a return on crypto assets. Essentially, you can\u00a0earn passive income\u00a0by depositing\u00a0crypto\u00a0into a liquidity pool. You can think of these liquidity&#8230; <\/p>\n<h3 class=\"title\">Bitcoin Breaks $45,000 as Market Hints at Recovery<\/h3>\n<p>\nBitcoin has reached a crucial resistance area after surging by nearly 19% over the past 10 days. However, it remains to be seen whether the top cryptocurrency will have the&#8230; <\/p>\n<h3 class=\"title\">Do Kwon Keeps Stacking Bitcoin, So Terra Keeps Soaring<\/h3>\n<p>\nSpeculation is mounting around Terra\u2019s LUNA token after the Luna Foundation Guard added another stack of Bitcoin to its reserves. Terra Makes New All-Time High Terra is soaring again. The&#8230; <\/p>\n<h3 class=\"title\">Terra\u2019s Founder Is Betting Millions on LUNA Holding Its Highs<\/h3>\n<p>\nTerraform Labs CEO and founder Do Kwon has bet $1 million that the price of Terra\u2019s LUNA token will be higher than $88 on Mar. 14, 2023.\u00a0 Terra\u2019s Do Kwon&#8230; <\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/terras-do-kwon-planning-dump-bitcoin-zero-sources\/?utm_source=main_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Do Kwon wants to dump Bitcoin to zero because he has realized that Terra is destined to fail, anonymous sources have said. Kwon reportedly enlisted the help of a group of Bored Ape hackers and 0xSifu to acquire Satoshi Nakamoto&#8217;s seed phrase to get access to his Bitcoin. Several Layer 1 networks have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-3111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3111"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3111\/revisions"}],"predecessor-version":[{"id":3113,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/3111\/revisions\/3113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/3112"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}