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 TerraUSD creator opposes the SEC's attempts to bring him back to the U.S. for questioning about his failed stablecoin projects.

Terraform Labs Founder Do Kwon Opposes SEC's Extradition Request

TerraUSD Classic's (CRYPTO: UST) minting will cease after a community vote on the stablecoin's governance forum. This led to a 59% vote of approval to stop all USTC mining, while 40% opposed it.

Will USTC Recover? Terra Classic Community Discontinues Minting, Votes To Burn

TerraUSD Classic, the stablecoin at the center of Terra's implosion, will no longer be minted.

Terra Classic Community Votes to Stop USTC Minting as Revival Efforts Continue

About 59% of voters were in favor of the move, which comes more than a year after the original Terra Luna collapsed.

Terra Classic Community Votes to End Minting, Reminting of USTC Tokens

Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update.

Terra Classic Votes to Halt USTC Minting; Community Eyes Future Re-Peg

The algorithmic element core to the stablecoin that led to the $45 billion collapse of the Terra ecosystem in 2022 has been turned off.

Terra Classic community votes to stop minting Terra Classic USD (USTC)

Crypto exchange giant Binance (CRYPTO: BUSD) extended support for Terra Luna (LUNC) Classic's latest upgrade for bringing major changes to the chain. The Terra Luna Classic community collectively approved the proposal — 99.85% “Yes” votes — for the v2.2.1 core upgrade submitted by L1 Terra Classic Task Force (L1TF) developer group.

Binance's Support for Terra Luna Classic Network to Upgrade User Experience

The TRON founder has built a crypto empire that would cause collateral damage if it collapsed.

Justin Sun: The Next Do Kwon or Sam Bankman-Fried?

A judge has granted the U.S. Securities and Exchange Commission (SEC) permission to work with international authorities to question one of the co-founders of Terraform Labs. Court records indicate that District Judge Jed S.

SEC Granted Permission To Go After Do Kwon's Close Associate in Korea

ApeCoin

Bitcoin

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the $29,100 level on Wednesday. Ethereum (CRYPTO: ETH) also recorded losses, but remained above the $1,800 mark this morning.

Bitcoin Falls Sharply, Terra Classic, ApeCoin Among Top Losers

The judge in the FTX bankruptcy proceedings is permitting Terraform Labs to subpoena relevant information from the exchange in its ongoing case against the U.S. Securities and Exchange Commission (SEC). According to Judge John Dorsey's filing on July 31st, Terraform Labs can issue subpoenas to FTX Trading and FTX.

Judge Allows Terraform Labs To Subpoena FTX Entities in Regards to Failure of UST

Terraform Labs could be holding more than $159 million worth of crypto despite previous claims to the contrary, according to new on-chain sleuthing performed for Arkham Intelligence. The sleuthing, executed by the pseudonymous on-chain analyst ErgoBTC and another anonymous on-chain researcher, was incentivized by a bounty of 9519.263 Arkham's newly launched native token (ARKM).

Terraform Labs May Be Holding Over $159,000,000 in Crypto Despite Claims of Almost Losing Everything: Arkham Intelligence

The ruling found that crypto "falls far short" of having the significance needed for Congress to review regulation.

Judge Refuses to Dismiss SEC Lawsuit Against Terraform Labs Despite Ripple Ruling

The Terra/Luna issuer was the first to cite the recent Ripple decision in its defense against an SEC enforcement action.

Judge slams Ripple decision in SEC's case against Terraform Labs

A federal judge rejected Terraform Labs' motion to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission.

Judge Rejects Ripple Ruling Precedent in Denying Terraform Labs' Motion to Dismiss SEC Lawsuit

Terraform Labs and its founder Do Kwon must face fraud allegations brought by the U.S. Securities and Exchange Commission, a federal judge in Manhattan ruled on Monday.

Terraform Labs must face US SEC fraud allegations, judge rules

The first-ever bounty hunt has been facilitated by the Arkham Intel Exchange, a platform that uses a bounty system to encourage users to discover on-chain data which launched on July 10.

First Arkham Intel Bounty Goes to On-Chain Sleuths Who Found Do Kwon Wallets

The payout for the approved bounty submission is 9,519.26 ARKHM, which is worth $4,950.

Arkham Intel Exchange goes after Do Kwon crypto wallets with first bounty

The US Securities and Exchange Commission (SEC) has added additional documents to its lawsuit against Terraform Labs and its CEO Do Kwon.

SEC Hints at Appeal for XRP Case in Lawsuit Against Terraform Labs

SEC lawyers told a federal judge that portions of the Ripple Labs case that went against the agency were wrong and should be ignored.

SEC lawyers preview likely Ripple appeal in case against Do Kwon

Terraform Labs appointed a new chief executive officer following Do Kwon's resignation on March 31, 2023. In a Wall Street Journal interview, the interim CEO, Chris Amani, discussed his team's “vision” for rescuing the beleaguered blockchain project.

Terraform Labs Appoints New CEO While Co-Founder Remains in Jail

Terraform Labs is asking a court to allow it to subpoena certain information about accounts, wallets and assets from bankrupt exchange FTX.

Terraform Labs wants to subpoena info from FTX to aid its SEC defense

Terraform Labs has appointed a new interim CEO, Chris Amani, amid the ongoing legal troubles of its co-founder, Do Kwon. What Happened: Amani, previously the company's COO and CFO, is stepping in to lead the crypto firm during this challenging time, The Wall Street Journal reported.

Terraform Labs Names New CEO With Hopes To Revive Terra Blockchain Amid Legal Woes

Law enforcement officials in Switzerland reportedly seized approximately $26 million in bitcoin and other cryptocurrencies, believed to be linked to Terraform Labs and its co-founder, Do Kwon. Local media in South Korea revealed that the funds were confiscated from Sygnum, a crypto bank based in Zurich. The U.S.

Report: Swiss Authorities Seize $26 Million in Cryptocurrency Linked to Terraform Labs and Do Kwon

South Korea's nearly 7 million registered users, many in the nation's capital, show a huge interest in trading crypto. But CoinDesk's 4th-ranked Crypto Hub for 2023 is still licking its wounds after the catastrophic collapse of Do Kwon's Terra blockchain – for a time, South Korea's favorite crypto project.

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