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

A judge rejected Do Kwon's request to block SEC access to documents related to Terraform Labs' activities in Singapore.

SEC Granted Access to Singapore Records for Terra's Do Kwon

Do Kwon, founder of Terraform Labs, allegedly transferred 9 billion won ($7 million) to South Korean law firm Kim & Chang just before the collapse of the crypto platform in May 2022, according to a new report.

The $7M Transfer Do Kwon Reportedly Made To Law Firm Just Before Terraform Labs' Downfall

South Korean prosecutors confirmed a report that Kwon sent $7 million to a local law firm in the months leading up to his venture's dramatic fall.

Do Kwon Retained Law Firm Before Terra's Collapse: Report

Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse.

Do Kwon's Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils

The collapse of Terra continues to reverberate in Do Kwon's homeland, but there are signs of progress, CoinDesk's Emily Parker reports.

As Justice is Sought for Do Kwon, South Korea's Crypto Scene Emerges From Terra Luna's Shadow

A recent report has revealed that Terra (CRYPTO: LUNA) cofounder Do Kwon, who was arrested in March for his alleged role in the collapse of the $40 billion Terra ecosystem in May 2022, appears to have converted most of his properties into Bitcoin (CRYPTO: BTC). The disgraced founder allegedly sent his crypto stack to an exchange outside of South Korea, according to Korean media outlet KBS.

Terra Founder Do Kwon Converted All His Assets From LUNA To Bitcoin Just Before His Arrest, Report Reveals

Bitcoin

South Korean authorities have reportedly found that embattled Terraform Labs CEO and co-founder Do Kwon has zero assets in his home country. Local media outlet KBS reports that prosecutors have been tracking the domestic wealth of Terraform Labs executives to collect the profits that they've allegedly accumulated from the Terra (LUNA) ecosystem.

Do Kwon Converted All Assets in South Korea to Bitcoin (BTC) Shortly Before Arrest: Report

According to a report by South Korean news publication KBS, Do Kwon, the co-founder of Terraform Labs, has converted a “large part” of his assets into bitcoin. Prosecutors in South Korea believe that Kwon's purported bitcoin stash was transferred to an international exchange.

South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders

South Korea requested the extradition of the Terraform Labs CEO after his recent arrest in Montenegro.

Do Kwon's Millions Are Not in South Korea, Prosecutors Say: Report

South Korean authorities have confiscated assets worth millions of dollars from the employees of the blockchain firm Terraform Labs, according to a report.

About $160,000,000 in Real Estate and Other Assets Seized From Terraform Labs Employees by Authorities: Report

Authorities in South Korea have reportedly seized assets worth billions of won belonging to former representatives of Terraform Labs. The measure should prevent suspects in the case with the failed blockchain firm from selling property that may have been obtained with criminal proceeds.

Seoul Takes Control Over $160 Million in Assets of Former Terraform Employees, Founder

South Korean authorities have reportedly confiscated approximately $160 million worth of assets from eight individuals associated with the collapse of Terraform Labs (Terra) (CRYPTO: LUNA), including co-founder Daniel Shin.

Terraform Labs Collapse: Eight People Connected To The Scandal Have $160M Worth Of Assets Seized

Before extradition, Terraform Labs founder Do Kwon will first have to stand trial in Montenegro for traveling on a fake passport, according to his lawyer in the country. The fugitive crypto entrepreneur may also have to serve time in prison before he is extradited from the Balkan nation, its justice minister indicated.

Do Kwon to Stand Trial in Montenegro, May Serve Time Before Extradition

Do Kwon, the co-founder of Terraform Labs Pte, is reportedly in jail in Montenegro, awaiting extradition for alleged involvement in a cryptocurrency fraud that resulted in the loss of $40 billion in market value.  What Happened: The U.S. and South Korea have both charged Kwon and are requesting his extradition, stated a Bloomberg report, but Montenegro's justice minister, Marko Kovac, says a judge will decide which country will be given first priority.

Will Do Kwon Be Extradited To US Or South Korea? Only Time Will Tell

CoinDesk's Chief Insights Columnist David Z. Morris suggests the Terra founder's attempts to avoid prosecution may have added to his troubles.

The Questions That Linger After Do Kwon's Arrest

Also today, the date when Ethereum stakers can make withdrawals has been revealed.

Podcast: Montenegro Might Delay Do Kwon's Extradition — Here's Why

Embattled Terra (LUNA) founder Do Kwon will remain in Montenegro following his arrest in the southeastern European country last week, according to a report. Citing local prosecutor Haris Shabotich, South Korean publication Yonhap News says that Kwon will be held for 30 days as he awaits investigations over his use of forged travel documents.

Do Kwon To Be Held in Montenegro for 30 Days As Authorities Investigate Forged Passports: Report

The Terra co-founder Do Kwon and his associate Han Chang Joon will first face charges in Montenegro for allegedly using forged documents.

US, South Korea Seek Terra Co-Founder Do Kwon's Extradition

Montenegro says Terra's co-founder is facing criminal proceedings for using falsified travel documents — and if convicted, he would have to serve a sentence for that first.

South Korea and U.S. Request Do Kwon's Extradition — But It Might Not Happen Soon

Terraform Labs CEO Do Kwon is set to face court in Montenegro before any potential extradition to the U.S. or South Korea, the country's justice minister said.

Do Kwon to face Montenegro justice first as US and Korea vie for extradition

South Korea and the U.S. are seeking the extradition of Do Kwon, an international fugitive accused of a multibillion-dollar fraud, and another suspect arrested in Montenegro last week, the Montenegrin Justice Minister Marko Kovac said on Wednesday.

S.Korea, US seeking extradition of crypto entrepreneur Do Kwon -Montenegro

Marko Kovac said the Terraform Lab founder's extradition proceedings would follow a criminal case for ID document forgery

Do Kwon Extradition Sought by U.S., South Korea, Montenegro Justice Minister Says

According to a report, the recently arrested Terraform Labs co-founder Do Kwon was able to register a company in Serbia just a few weeks after Interpol issued a Red Notice for him. Lawyers that helped Kwon form a company in Serbia reportedly said they were not aware of Interpol's Red Notice against their client.

Report: Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice

A prosecutor investigating Terraform Labs CEO Do Kwon for alleged passport forgery in Montenegro has indicated that he will not be extradited soon.

Do Kwon's Extradition Likely to Take Time, Montenegrin Prosecutor Says

The Terra co-founder will remain there until April 3 — and until that time, only his lawyer or a doctor will be able to pay him a visit.

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