Apollo DAO to close vaults on Terra Classic

Around the same time that a South Korean court issued an arrest warrant for co-founder Do Kwon, Apollo DAO, a decentralized autonomous organization building on the Terra blockchain, said it was closing down its vaults on Terra Classic (LUNC) — formerly Terra (LUNA). The project’s developers wrote:

Apollo DAO, comprised of over 10,000 tokenholders, built its vaults primarily for trading the Terra USD (USTC) stablecoin and Terra Luna (LUNC) token pairs. Both tokens have plunged drastically in value since May, and co-founder Do Kwon is currently wanted in South Korea for allegedly violating the country’s capital market laws. In addition, project developers explained that the new Terra proposal to tax 1.2% of every on-chain LUNC transaction would have been too difficult to implement on its platform without substantial capital.

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