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.

Terra

The judge said the victim letters, which detailed the personal impact of the Terra collapse, were “impactful”—before sentencing Do Kwon to 15 years in prison.

These Bleak Victim Letters Helped Seal Terra Founder Do Kwon's Fate

The sentencing brings a measure of justice, finally, for all of those impacted by the collapse of Terra and its UST stablecoin in 2022.

Morning Minute: Do Kwon Gets 15 Years for $40B Terra Luna Fraud

Do Kwon, co-founder of Terraform Labs, has been sentenced to 15 years in a U.S. federal prison for his role in the 2022 collapse of terrausd (UST) and luna (LUNA now LUNC), with the possibility of serving the second half of his term in South Korea.

US Court Hands Down 15-Year Sentence to Terraform Labs' Do Kwon

Terraform Labs founder Do Kwon was sentenced to 15 years in prison, following the $40 billion collapse of UST and Luna in May 2022.

Do Kwon Sentenced To 15 Years in Prison Over $40 Billion Terra Crypto Collapse

Terraform Labs founder Do Kwon was sentenced for his role in the collapse of the Terra and Luna tokens on Thursday.

Terraform Labs founder Do Kwon sentenced to 15 years over $40 billion Terra-Luna collapse: Inner City Press

The Terraform Labs co-founder pleaded guilty to conspiracy and wire fraud in August.

Terraform's Do Kwon Sentenced to 15 Years in Prison for Fraud

District Judge Paul Engelmeyer offered the Terraform Labs co-founder the chance to postpone his sentencing date, in light of hundreds of victim impact statements shared with the court in the past 24 hours.

Do Kwon's Sentencing Hearing Drags on as Court Weighs Mountain of Victim Testimony

The upcoming sentencing comes after the South Korean entrepreneur pleaded guilty to defrauding investors in August.

Disgraced Terraform Labs Founder Do Kwon Faces Sentencing Today

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, is set to be sentenced in New York federal court on Thursday for fraud and conspiracy.

TerraUSD creator Do Kwon to be sentenced over $40 billion crypto collapse

Judge asked whether Kwon might be freed abroad and asked for details on victims, time-served credit and unresolved charges ahead of sentencing.

Do Kwon Judge Demands Answers Before Sentencing Over ‘Assurance' He'll Serve Time

Your look at what's coming in the week starting Dec. 8.

U.S. Interest Rates, Do Kwon Sentencing: Crypto Week Ahead

While Terraform Labs founder Do Kwon is slated for sentencing later this week and the Terra Classic v2.18 upgrade heads down the runway, both luna classic (LUNC) and luna (LUNA) have been enjoying a sharp climb over the past two weeks.

Terra's Fallen Empire Flickers: LUNC and LUNA Rally Into Upgrade Week

The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.

LUNC Surges Over 160% in a Week as Do Kwon Sentencing and Token Burns Draw Traders

The U.S. Department of Justice is urging a federal judge to impose a full 12-year prison sentence on Terra founder Do Kwon, citing the scale of the multibillion-dollar fraud that triggered one of crypto's worst collapses. What Happened: Under his August plea deal, Kwon faces a maximum request of 12 years, though the underlying charges of conspiracy to defraud and wire fraud could carry up to 25 years.

Terra Founder Do Kwon Faces Possible 12-Year Prison Term As DOJ Pushes For Maximum Sentence

The collapse of Do Kwon's Terraform project caused losses that surpassed those by Sam Bankman-Fried's FTX, Celsius and OneCoin combined, the prosecutors argued.

US Prosecutors Seek 12-Year Sentence for Terraform Founder Do Kwon in Crypto Fraud Case

U.S. prosecutors say Do Kwon should get 12 years in prison for his role in the remarkable $40 billion dollar collapse of Terra.

US prosecutors push for 12-year prison sentence for Terraform co-founder Do Kwon's role in $40 billion collapse

Federal prosecutors reserved the right to pursue up to 12 years for Terra founder Do Kwon in an August plea deal. Now, they're seeking that maximum.

Trump DOJ Wants Terra Founder Do Kwon Behind Bars for 12 Years, Citing SBF Sentence

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

The Daily: Upbit flags private key vulnerability, MegaETH to return funds from pre-deposit campaign, Do Kwon requests 5-year jail cap, and more

In August, Kwon pleaded guilty to fraud charges stemming from the May 2022 collapse of Terraform Labs' Terra ecosystem.

Do Kwon requests 5-year prison term cap in $40 billion Terra fraud case

Months before Terra imploded, Do Kwon attempted to buy a $30 million luxury apartment but never completed the purchase.

Do Kwon's Claim for $15M Luxury Ardmore Penthouse Payment Rejected

Terra/Luna creator Do Kwon pleaded guilty to one charge of conspiring to commit fraud and one charge of wire fraud on Tuesday, following an earlier not guilty plea and a very lengthy extradition process.

State of Crypto: Do Kwon Pleads Guilty

Law and Ledger is a news segment focusing on crypto legal news, brought to you by Kelman Law – A law firm focused on digital asset commerce. The following opinion editorial was written by Alex Forehand and Michael Handelsman for Kelman.Law.

Do Kwon Pleads Guilty — What It Means for Global Crypto Markets

Terraform Labs founder Do Kwon has pleaded guilty to conspiracy to commit fraud and wire fraud, nearly three years after the $60 billion implosion of the Terra/Luna (CRYPTO: LUNC) stablecoin ecosystem. The 33-year-old South Korean national appeared in Manhattan federal court Tuesday wearing a yellow prison jumpsuit and shackles, admitting that he knowingly misled purchasers of the TerraUSD stablecoin, Coindesk reported on Tuesday.

Terraform Labs Founder Do Kwon Pleads Guilty To Fraud In $60B Terra/Luna Collapse

The Daily: Terraform Labs co-founder Do Kwon pleads guilty, Circle plots its own stablecoin-focused L1 blockchain Arc, and more

NEW YORK — Terraform Labs founder Do Kwon pleaded guilty to conspiracy to commit fraud and wire fraud Tuesday morning, three years after the dramatic collapse of the Terra/Luna stablecoin ecosystem. Wearing a canary yellow prison jumpsuit, the 33-year-old Korean national said he "knowingly engaged in a scheme to defraud and did in fact defraud" purchasers of the TerraUSD (UST) stablecoin.

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