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

Jump Trading faces a $4 billion lawsuit accusing the firm of secretly manipulating the Terra ecosystem and profiting from the collapse that erased roughly $40 billion in investor value. As reported by the Wall Street Journal and Bloomberg, the lawsuit was filed Dec.

Terraform Labs Administrator Sues Jump Trading for $4B Tied to Terra Meltdown

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

The Daily: Terraform Labs liquidator sues Jump Trading, US crypto czar David Sacks confirms Clarity Act markup for January, and more

Jump is accused of unlawfully profiting from and contributing to the collapse of Terra, in a lawsuit seeking $4 billion in damages.

Terraform Bankruptcy Admin Sues Jump Trading for $4B Over TerraUSD Collapse: Report

The administrator winding down what remains of Terraform is suing Jump Trading, accusing it of contributing to its demise while profiting illegally.

Jump Trading sued for $4 billion in connection to Do Kwon's Terra Labs collapse: WSJ

A spokesperson for Jump reportedly called the lawsuit a 'desperate attempt' to shift blame and responsibility away from Terraform and Kwon.

Terraform Labs liquidator sues Jump Trading for $4 billion in damages

In South Korea, Do Kwon could potentially serve more than 30 years for his crimes, according to a local media report.

Terra Founder Do Kwon May Face South Korean Trial Despite 15-Year US Prison Sentence

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 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.

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