Terra Luna

Terra Luna Classic community burns over 90 billion LUNC tokens

January 29, 2024 1 min read

The Terra Luna Classic (LUNC) community reached a significant milestone in its ongoing burn campaign, having reached 95 billion LUNC since May 2022. The community’s collaborative efforts to reduce the number of circulating LUNC tokens have reached another significant milestone, with Binance contributing over 51.7% of the total burn, or around 50 billion LUNC. Binance’s commitment to the LUNC burn mechanism entails monthly transfers of billions to the burn address,

Terraform Labs, the company known for the failed TerraUSD stablecoin declares bankruptcy

January 22, 2024 1 min read

Terraform Labs Pte. filed for Chapter 11 bankruptcy in Delaware on January 21, according to court documents. The company, best known for its involvement in the ill-fated TerraUSD stablecoin, has revealed financial details, including assets and liabilities valued between $100 million and $500 million. The collapse of TerraUSD and Terra’s LUNA token in May 2022 resulted in significant losses for investors, ushering in a difficult period in the crypto world.

Terra’s Do Kwon Refuses to Comply with SEC’s Request for Singaporean Records

April 18, 2023 1 min read

Do Kwon, the co-founder of Terra, has suffered a setback in his legal battle against the US Securities and Exchange Commission (SEC). United States District Judge Jed Rakoff has denied Kwon’s request to block the SEC from accessing records from the Monetary Authority of Singapore (MAS). Kwon is facing pressure from regulators and legal battles across the world, including his recent arrest in Montenegro. Prosecutors are investigating the source of

LUNA’s price was manipulated by Do Kwon and his employee, claim Korean authorities

November 5, 2022 1 min read

According to reports, South Korean investigators have discovered proof that Do Kwon and a worker manipulated the price of LUNA, Terra’s native cryptocurrency token. The local media reports that the South Korean investigators believe Kwon is living in Europe. The prosecutors used text conversations sent between the founder of Terra Luna Kwon and his employee as evidence. According to the South Korean prosecutor’s office: “I can’t reveal the details, but

Is Terra Luna founder Kwon living illegally in Europe?

November 4, 2022 1 min read

Do Kwon, the CEO of Terra Labs, is believed to be hiding in Europe, according to South Korean authorities. Furthermore, KBS stated that it “understood that [Kwon] is currently in Europe.” Notably, KBS reported that Do Kwon‘s passport had been revoked by South Korean authorities based on their decision. As a result, it states that Kwon “cannot travel legally between countries,” and that if he does, he will be considered

Despite an arrest order, South Korean officials are struggling to assemble a case against Do Kwon

October 26, 2022 1 min read

Authorities in South Korea are striving to build a compelling case against Do Kwon, the founder of the defunct Terra (LUNA) ecosystem. According to Bloomberg, there is a debate about whether tokens related to the Terra ecosystem should be regulated like other traditional asset classes like as equities and bonds due to a lack of defined crypto regulatory laws. The prosecution’s case was recently struck a blow when the court

Business leader of Terraform Labs was arrested by the Seoul Crime Unit

October 6, 2022 1 min read

Yoo Mo, the director of business and general affairs at Terraform Lab, is detained by the crime unit of Seoul’s Southern District Prosecutor’s Office. The reports were published by Naver, a South Korean magazine. The incident results in the initial Terra employee’s being detained as part of the ongoing Terra-LUNA investigation. The person was the target of a bench warrant issued by South Korean authorities on Wednesday. At Terraform Labs,

Terra Luna founder Do Kwon has 14 days to return his passport

October 6, 2022 1 min read

Terra Founder Do Kwon has 14 days to return his passport, according to a public notice that was posted on the South Korean Ministry of Foreign Affairs’ website on October 5.  The South Korean government threatened to revoke Kwon’s passport if he didn’t comply. It appears that the South Korean Foreign Ministry had been thinking about this for a month before acting.  Moreover, the “inability to deliver” the passport return

Terra (LUNA) Hits a New All-Time High at $45 With Its Mainnet Upgrade

December 12, 2021 1 min read

Terra (LUNA) reached a new all-time high of over $45 amid the launch of ‘Project Dawn’ and the upcoming Columbus-5 mainnet upgrade. LUNA, a blockchain protocol that concentrates on global payment methods powered by UST stablecoin, hit a new all-time high. Terra’s started in January 2018 but its mainnet was launched in April 2019. Moreover, Terra (LUNA) produced stablecoins tightened to the U.S. Dollar, South Korean Won, Mongolian Tugrik, and