Those who have been watching the luna crypto news are probably wondering why the market hasn’t been going up since the release of the IMPT presale. There are many reasons for this, and one of them is the fact that the market capitalization for the LUNA crypto is not as high as it once was.

South Korea seeks to revoke Kwon’s passport

Several weeks ago, the South Korean Ministry of Foreign Affairs announced that they were considering revoking the passport of Do Kwon. He was one of the founders of the Terraform Labs ecosystem, which crashed dramatically in May. The company is alleged to have violated capital markets law and has been charged with fraud.

Do Kwon and five others were ordered to surrender their passports before time passes. According to prosecutors, Kwon should return to Seoul within 14 days.

Do Kwon is believed to be hiding in Singapore. He is facing charges of selling “unregistered securities” and fraud. The Seoul Southern District Prosecutors have issued arrest warrants against him.

The Ministry of Foreign Affairs has posted a public notice on its website requesting that Kwon return his passport. He has until October 19 to do so. However, if he fails to return it, he will be prevented from leaving the country.

Kwon is also facing an Interpol “Red Notice” requesting that law enforcement agencies all over the world locate and arrest him. According to the red notice, Kwon is suspected of violating the capital markets law in Korea.

LUNA market capitalization isn’t as high as it once was

LUNA is a crypto asset built by Terraform Labs. The project’s purpose was to create a decentralized finance application. The token is connected to the Terra blockchain. The network is able to handle high transaction volumes and provides faster settlements. The network is also integrated into applications such as banking and payment systems.

LUNA lost over 99% of its value in May. A few weeks before the crypto crash, the price rose from $5.15 to $10. But when the market went down, the price of LUNA dropped to just one cent. That’s when panic selling set in. The network’s price dropped so low that Terra’s legal team quit.

The network’s protocol algorithm was unable to bring UST back to $1. UST was pegged to the U.S. dollar through an algorithm. However, the UST Foundation Guard did not put enough money into the algorithm to bring the UST peg back.

When Terra went down, many investors lost their life savings. The market cap of UST fell from $18 million to practically nothing. This resulted in several de-pegs. It also caused several investors to panic and sell.

Developer grants program for luna crypto

LUNA developers proposed an incentive program to kickstart the Terra ecosystem. The incentives program would reward users and developers for creating new decentralized applications. In exchange, they would receive five million LUNA tokens, which they could use to access the Terra network and bridges. These tokens would be distributed every quarter, and would be redeemed for usage of decentralized applications and bridges.

The incentives would be distributed to projects that are deemed essential by the community. TerraForm Labs employees would be a seven-member committee that would oversee the distribution of funds. The community leaders would decide how the funds are distributed. They would be able to give grants of up to 125,000 LUNA per project.

The incentives would be distributed over four years. In the first year, the program would be funded by 9.5% of the total LUNA supply. In the second year, the program would be funded by 50 million LUNA. The third year, the program would be funded by 20 million LUNA. In the fourth year, the program would be funded by 50 percent of the total supply.