Luna Classic (Former Terra)

Luna Classic (LUNC) is the native token of the original Terra blockchain, which was launched in 2018. Previously, there was an exchange relationship between LUNC and UST, an algorithmic "stablecoin" intended to have a constant value of $1. After UST depegged from $1 in May 2022, the price of LUNA and UST crashed. As a result, the Terra community voted to create a new blockchain. The original Terra blockchain and LUNA token were rebranded as Terra Classic and Luna Classic. The goal of Terraform Labs, the firm that developed the new and old Terra blockchains, is that the protocols and applications of the Terra Classic network will migrate to the new Terra 2 blockchain. As of June 2022, the future utility of the original Terra blockchain is uncertain.

Avalanche

Terra

A bankruptcy court has allowed the Avalanche Foundation to buy back 1.97 million AVAX tokens it sold to the defunct Luna Foundation Guard.

Avalanche Foundation buys back $52 million worth of AVAX tokens from Do Kwon's defunct ‘Luna Foundation Guard'

The company behind TerraUSD and Luna could shell out up to $442 million to investors.

Terraform Labs Could Pay Up to $442 Million as Bankruptcy Judge Approves Wind Down

Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed.

Terraform Labs Gets Court Approval to Wind Down Operations in Bankruptcy

Another chapter has closed for Terraform Labs after the firm received approval from a court to close down its operations, according Reuters.

Terraform Labs gets sign off from US bankruptcy judge to begin winding down: Reuters

Terraform Labs received court approval on Thursday to wind down its operations in bankruptcy after agreeing to settle a U.S. Securities and Exchange Commission lawsuit accusing the company of defrauding cryptocurrency investors who lost an estimated $40 billion when the TerraUSD and Luna tokens collapsed in 2022.

Terraform Labs approved for bankruptcy wind-down after US SEC settlement

The U.S. Securities and Exchange Commission (SEC) hit cryptocurrency entities with record fines in 2024, highlighting the growing financial risk for companies that fail to comply with regulatory standards. What happened: According to a study released by cryptocurrency analytics firm Social Capital Markets, the regulator has issued over $7.42 billion in fines since 2013, with $4.68 billion, or around 63%, coming this year alone.

Terraform Labs' Historic $4.5B Settlement With SEC Makes 2024 The Most Penalized Year For Crypto Firms, Fines Surge More Than 3,000% Over Last Year

Terraform Labs' $4.47 billion fine in 2024 has already helped this year become the record year in terms of total financial penalties.

SEC's crypto industry fines surpass $7.4 billion after massive Terraform penalty: study

The Chapter 11 bankruptcy reorganization hearing for Terraform Labs Pte. Ltd. and Terraform Labs Limited is set for Sept. 19, 2024, at 10 a.m. EDT. This hearing will be pivotal in shaping the future of the crypto company, which has encountered substantial hurdles since the Terra ecosystem's collapse in 2022.

Terraform Labs' Fate Hinges on Sept. 19 Bankruptcy Hearing

Polish national Roman Ziemian, the co-founder of digital currency trading platform FutureNet who allegedly defrauded users out of around $21 million has been detained in Montenegro, according to multiple reports citing an announcement from the nation's police.

Another Crypto 'Fraudster' Arrested in Montenegro, Where Do Kwon Awaits Extradition: Reports

Liquidators of the failed crypto hedge fund Three Arrows Capital (3AC) are reportedly seeking $1.3 billion from Terraform Labs, the bankrupt stablecoin firm co-founded by Do Kwon. According to a new report by Bloomberg, the liquidators filed a claim in the U.

Three Arrows Capital Liquidators Want $1,300,000,000 From TerraForm Labs Over 2022 LUNA Collapse: Report

Liquidators of the failed crypto hedge fund Three Arrows Capital (3AC) filed a claim in Delaware federal court on August 9, and are seeking $1.3 billion in damages from Terraform Labs.

3AC Liquidators Seek $1.3B from Terraform Labs After Terra Collapse

TerraForm sought to "manipulate the open market for LUNA and UST in a manner that artificially inflated the price for the assets," it claims.

Three Arrows Capital Liquidators File $1.3 Billion Claim Against Terraform Labs

Defunct cryptocurrency hedge fund Three Arrows Capital's (3AC) liquidators have sued Terraform Labs for $1.3 billion, for losses the fund suffered following the 2022 crash, Bloomberg reported on Monday.

Three Arrows Capital Liquidators Now Sue Terraform Labs for $1.3B: Bloomberg

Liquidators for the defunct cryptocurrency hedge fund Three Arrows Capital are pursuing a claim of at least $1.3 billion against TerraForm Labs Pte., the bankrupt digital assets company co-founded by Do Kwon.

Liquidators Pursue $1.3B From TerraForm Labs After Three Arrows Capital Collapse: Report

The Supreme Court of the southeastern European nation of Montenegro is again postponing Terra (LUNA) co-founder Do Kwon's extradition to South Korea. According to a report from Montenegrin news outlet Vijesti, Montenegro's Supreme Court has halted the extradition due to a request for “protection of legality” brought forth by Kwon's camp.

Montenegrin Supreme Court Pauses Do Kwon Extradition to South Korea: Report

The postponement is yet another move in Do Kwon's back-and-forth regarding his extradition out of Montenegro.

Montenegrin court once again postpones Do Kwon's extradition to South Korea

Do Kwon's extradition from Montenegro has been delayed yet again.

Do Kwon's Extradition from Montenegro Postponed Yet Again

An appellate court in Montenegro has upheld the decision of a lower court on the extradition case of Terraform Labs co-founder Do Kwon. Kwon is facing criminal charges in his native South Korea and the US for the $40 billion crash of the TerraUSD stablecoin and its companion token, Luna.

Montenegro Court Greenlights Disgraced Terra Founder Do Kwon's Extradition to South Korea, Turns Down US

In a significant legal development, a Montenegrin appeals court has upheld the decision to extradite Do Kwon, co-founder of Terraform Labs, to South Korea.

Montenegrin Court Upholds Extradition of Terraform Labs Co-Founder Do Kwon to South Korea

The August 1 ruling marks the conclusion of a protracted legal saga involving multiple appeals and judicial reversals on Kwon's extradition.

Terra Founder Do Kwon Will Be Extradited to South Korea—Court Says It's Final

Do Kwon, the disgraced co-founder of Terraform Labs, is set to be extradited from Montenegro to South Korea, as per a court ruling. The decision rejects a U.S. extradition request.

US Loses Out To South Korea Over Extradition Of Terraform Labs' Do Kwon

A court in Montenegro denied the U.S.'s request to extradite former Terraform Labs CEO Do Kwon and ruled that he would be sent to South Korea.

Montenegro appeals court rules Do Kwon will be extradited to South Korea

Terraform Labs co-founder and fraudster Do Kwon is once again set to be extradited from Montenegro to his native South Korea, after a ruling from the Balkan nation's court of appeals Thursday.

Montenegro to Extradite Do Kwon to South Korea, Rejecting U.S. Request

The U.S. SEC posted an information page for investors affected by Terraform, the firm behind the algorithmic stablecoin that fell in 2022.

SEC posts information page for investors harmed by Terraform fraud

Milojko Spajic, Prime Minister of Montenegro, was revealed as an early investor in Terraform Labs, co-founded by Kwon Do-hyung (Do Kwon). A filing with the U.S. Securities and Exchange Commission (SEC) lists Spajic as the 16th investor in Terraform Labs, purchasing 750,000 luna coins at 10 cents each in April 2018.

News for Luna Classic (Former Terra) Crypto (LUNC)