The Terra Classic Community found a reason to celebrate recent revelations about significant token burns, providing a ray of hope amidst adversity. According to reports, significant burns of LUNC and USTC tokens have occurred in the last week, which could have a positive impact on the prices of these cryptocurrency tokens. In a recent X (formerly Twitter) post, AlexCryptoBull, an active member of the Terra community, highlighted the burning of 700 million LUNC and 230,000 USTC tokens in the last week, which is supported by LUNCMetrics data. The Terra ecosystem has been actively pursuing token burns, particularly after the Terra
Binance crypto exchange has burned 5.57 billion Terra Luna Classic (LUNC) tokens in its 17th batch of the LUNC burn mechanism. This action contributes to a significant portion of the total tokens burned by the Terra Luna Classic community, signaling a promising start to the new year. Following Binance’s recent LUNC burn, the prices of USTC and LUNC, two tokens in the Terra Classic ecosystem, increased by more than 7%. This increase reflects positive market sentiment as the community looks forward to the new year. The 17th batch of the LUNC burn mechanism took place between November 30th and December
Do Kwon, Terraform Labs’ co-founder, is reportedly on the verge of being extradited to the United States to face criminal charges rather than South Korea. According to sources close to the situation, the extradition request made by US authorities is expected to be approved by Montenegro’s Justice Minister Andrej Milovi. Kwon, sentenced to four months in Montenegro for using false travel documents, is implicated in Terraform Labs’ demise, prompting charges in both the United States and South Korea. According to the Wall Street Journal on December 7th, Montenegro’s Justice Minister Andrej Milovi is inclined to approve the US extradition request.
The Terra Luna Classic core developer group, Joint L1 Task Force (L1TF), has recently submitted a proposal on Commonwealth, outlining their plan to build a community-owned wallet. Currently, Terra Classic utilizes L2 wallet dApp providers like TFL (Station), Keplr, and Trust Wallet, among others. However, none of these providers are owned by the community, as they are forked versions of Station Wallet owned by individual groups. According to the proposal, the L1TF intends to develop a web version of Station, as well as mobile apps for iOS and Android. Additionally, a Chrome browser extension will be created. These efforts aim
A branch of the Podgorica District Court in Montenegro has approved a second bail request for Do Kwon, the founder, and CEO of Terraform Labs. Kwon and Terra’s former chief financial officer Han Chang-joon were originally granted bail in May for a combined sum of around $856,000. They were released on condition that they did not leave their apartment and continued to attend hearings. However, Montenegro prosecutors appealed the decision at the High Court, and their motion was upheld, with Kwon and Han being taken into custody for a second time. Kwon has since hired the world’s biggest law firm,
Terraform Labs Co-founder and CEO, Do Kwon, reportedly liquidated $2.8 million worth of cryptocurrency before being released on bail in Montenegro on Friday. Kwon and fellow executive, Han Chong-joon, were arrested in March this year, charged with possession of fake travel documents and attempting to travel with counterfeit papers. The executives were later granted bail and released for a sum of around $436,000. Sources claim that $500,000 worth of Tether (USDT) was withdrawn from a wallet believed to be Kwon’s some seven days ago. Additionally, 2.39 million Terra Luna Classic (LUNC) coins were withdrawn from a Kwon-linked wallet. South Korean
A district court in South Korea has ruled that the native token of the LUNA ecosystem, LUNA, is not a security under Korea’s Capital Markets Act. The court dismissed charges of security violations against Hyun-Seong Shin, co-founder of Terraform Labs, stating that it is “difficult to see Luna Coin as a financial investment product regulated by the Capital Markets Act.” This ruling makes the Terra-LUNA saga a case of fraud and breach of trust rather than a violation of securities law. However, the prosecution is still focused on the securities aspect of the native token and has appealed to the