New crypto Luna sees price plummeting after old one collapsed


The new cryptocurrency Luna saw its price plummeting on Monday after its old version, referred to as Luna Classic, collapsed to erase around $40 billion.

The new Luna, now called as Terra 2.0, was launched on Friday and saw its price climbing to $19.54 over the weekend.

It, however, fell to as low as $3.63 on Monday and was trading at $6.46 at 09:40 a.m. EDT (1340GMT).

Crypto investors are highly skeptical about the success of the new blockchain, after Luna Classic, or Terra Classic, plummeted to almost $0. It was trading at $0.000143 at the time.

Its sibling UST, which was initially designed to be pegged one-to-one with the US dollar, also dove to almost $0.

Terraform Labs, the company behind UST and Luna Classic and Terra 2.0, has started distributing those tokens through an “airdrop” in a move to partially compensate some of the investors.

South Korean prosecutors have summoned all employees of Terraform Labs to investigate the collapse of Luna Classic and UST, according to local reports on Saturday.

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