News
The firm’s CEO, Chris Amani, says bankruptcy protections could help appeal the suit brought against it by the SEC, effectively eliminating “the single largest claim against it.”
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Luna Classic (LUNC) Crypto News Today
Get the latest news on Luna Classic (LUNC), which is the native asset of the Terra Classic blockchain. Terra was originally an ecosystem with several moving parts. In 2022, the design of the UST stablecoin led to the collapse in the price of both the UST and LUNA assets. UST lost its dollar peg, ultimately dropping below $0.05 per UST. LUNA crashed nearly 100% in value
The original Terra blockchain became Terra Classic, with its asset called Luna Classic (LUNC). TerraUSD also became TerraUSD Classic (USTC).
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The Terraform Labs co-founder has pushed back against the SEC’s request to question him in the United States.
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The community strongly backs stopping TerraUSD Classic (USTC) minting and reminting in favor of burning tokens to restore its U.S. dollar peg.
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This measure is intended to counteract the influx of spam and irrelevant proposals submitted for voting within the Terra Classic community.
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The freeze comes shortly after Terra’s website was compromised over the weekend by hackers who attempted to scam users via phishing attacks.
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Judge Jed Rakoff gave a detailed interpretation of the Howey test that was at odds with the decision in the Securities and Exchange’s case against Ripple.
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The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network.
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Do Kwon has denied forging travel documentation and refuted having any financial ties to Europe Now party leader Milojko Spajić.
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The Terraform Labs co-founder is out on bail after a successful appeal in Montenegro but will be closely monitored until his next court appearance.
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The former Terraform Labs CEO could face 40 years in jail in South Korea, the country where he committed most of his crimes, according to local authorities.
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The indictment of 10 individuals associated with Terraform Labs, including co-founder Hyun-seong Shin, comes after 11 months of investigation into the collapse of Terra.
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While trying to tie in Kwon’s ill intent in prepaying the law firm, prosecutors believe that the information will help in the ongoing fraud case.
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Terra users are losing another round of funds due to a breach on the new DeFi platform Terraport Finance, which launched on March 31.
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Shin currently faces multiple fraud charges, specifically concerning allegedly hiding risks associated with investing in the in-house tokens by Terraform Labs.
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Authorities have previously alleged that Shin earned roughly $105 million in profits from illegal sales of LUNA tokens before Terra’s collapse.
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