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

According to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents.

Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro

According to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea.

Terraform Labs CEO Do Kwon Faces Extradition to South Korea

Lisa Braganca says the Terraform Labs founder and his team knowingly reached out to U.S. investors, despite being based in Singapore.

Former SEC Branch Chief Explains Why U.S. Has Jurisdiction in Do Kwon Case

Montenegro has charged South Korean fugitive and cryptocurrency entrepreneur Do Kwon with forgery, and he is expected to face extradition proceedings in court. Kwon is accused of fraud following his company's abrupt collapse in 2022, which erased about $40 billion of investor funds and rattled global cryptocurrency markets.

Do Kwon Faces Justice: New Details On Dramatic Takedown, Extradition Showdown

Also today, as the SEC warns consumers about crypto, Coinbase reveals how it's planning to fight back.

Podcast: New Details About Do Kwon's Arrest Emerge

The Terra co-founder reportedly attempted to leave Montenegro and fly to Dubai using Costa Rican travel documents.

New York Charges Do Kwon with Fraud — Hours After His Arrest

Terraform Labs founder Kwon was arrested in Montenegro on Thursday for document forgery.

Do Kwon Charged, Due in Montenegro Court for Extradition Hearing: AFP

Federal prosecutors charged Terraform Labs CEO Do Kwon with fraud after he was arrested in Montenegro.

Do Kwon Now Faces Criminal Fraud Charges

The disgraced founder of embattled stablecoin issuer Terra (LUNA) has reportedly been arrested in Montenegro after months of being on the run. According to a new report by local Korean media outlet Yonhap News Agency, former Terra chief executive Do Kwon has been apprehended by authorities in the Balkan nation.

Embattled Terra (LUNA) Founder Do Kwon Arrested in Montenegro: Report

According to Montenegro's interior minister Filip Adzic, Terraform Labs co-founder Do Kwon was apprehended at Podgorica airport allegedly bearing falsified documentation. Adzic added that investigators are “waiting for official confirmation of his identity” after Montenegrin police detained the accused suspect.

Terraform Labs Co-Founder Do Kwon Arrested in Montenegro, Says Interior Minister

Minister of the Interior of Montenegro, Filip Adzic, on Thursday, announced the arrest of an individual suspected to be Do Kwon , co-founder of Terra Luna (CRYPTO: LUNA), within the Balkan nation's borders. Local news outlet Vijesti later confirmed the tweet's authenticity and that the arrested person was a South Korean national.

Elusive Terra Luna Co-Founder Do Kwon Captured In Montenegro

A person suspected to be Do Kwon, founder of the Terra blockchain that collapsed in spectacular fashion last year, was arrested in Montenegro, Yonhap reported, citing police.

Terraform Labs CEO Do Kwon believed to be arrested in Montenegro, Yonhap says

South Korean authorities had previously issued Terra's co-founder and CEO Do Kwon an arrest warrant last September.

Do Kown Arrested in Montenegro, Says Country's Minister of Interior

Police in Montenegro have detained a person thought to be Do Kwon, an international fugitive accused of defrauding investors in a multibillion-dollar cryptocurrency scheme, the country's interior minister said on Thursday.

Montenegro police arrest suspected former CEO of Terraform labs - interior minister

The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are reportedly investigating the collapse of the algorithmic stablecoin terra usd (UST) and the firm Terraform Labs. Unnamed sources say that former staff members from Terraform Labs, the company behind the Terra blockchain project, have been questioned by U.S. law enforcement.

Report: DOJ and FBI Investigating Terraform Labs in Connection to Algorithmic Stablecoin Collapse

Terra Classic, the network born of Terra's $60 billion collapse, may be at risk of takeover by a staking service wielding disproportionate power.

Terra May Be at Risk Again—But This Time Is Different

Ethereum

Bitcoin (CRYPTO: BTC) traded lower, but remained above the key $23,000 level on Friday. Ethereum (CRYPTO: ETH) also recorded losses, but remained above the $1,600 mark this morning.

Ethereum Falls But Remains Above This Major Level; Terra Classic, ImmutableX Among Top Gainers

The old Terra ecosystem tokens are on the rise today with Luna Classic surging 20% in the last 24-hour trading period.

Luna Classic token price rises to highest level since November

The industry's largest crypto exchange Binance has confirmed it will support the upcoming network upgrade of Terra Classic (LUNC).

Binance to Support Terra Classic Upgrade Eliminating Re-Minting of Burnt LUNC Tokens

Solana

Bitcoin (CRYPTO: BTC) recorded losses this morning, with prices for the most valued cryptocurrency in the world, trading below the $16,700 level on Wednesday. Ethereum (CRYPTO: ETH), also traded lower, falling below the key $1,200 mark on Wednesday.

Ethereum Slides Below $1,200; Terra Classic, Solana Among Top Losers

Bitcoin (CRYPTO: BTC) recorded losses this morning, with prices for the most valued cryptocurrency in the world, falling below the key $17,000 level on Tuesday. Ethereum (CRYPTO: ETH), also traded lower, but remained above the key $1,200 mark on Tuesday.

Ethereum Falls But Remains Above $1,200; Terra Classic, Quant Among Top Gainers

In the sixth burn batch of the Terra Classic (CRYPTO: LUNA) burn mechanism, Binance burned over 6 billion LUNC on Thursday, driving LUNC up more than 17% in the last 24 hours. What Happened: Binance burned $1 million worth LUNC tokens by sending them to a dead address.

Terra Classic Spikes 17% After Binance Burns Over 6B LUNC

Terra classic has been one of Thursday's biggest gainers, as crypto markets found light in the form of the latest U.S. inflation (CPI) report, which came in at 7.7%. The token was up by nearly 14% in today's session, as founder Do Kwon ironically gave his best wishes to FTX chief Sam Bankman-Fried.

Biggest Movers: LUNC 13% Higher, as US CPI Boosts Crypto Markets

Three cryptocurrency exchanges have announced to implementation of Terra Classic's proposal to reduce taxes on (CRYPTO: LUNC) and (CRYPTO:USTC) on-chain transactions. This comes hours after Binance (CRYPTO: BNB) announced that it would follow a proposal recently approved by the Terra Classic community.

Exchanges Reduce Terra Classic (LUNC) Burn Tax Rate

The Terra Classic contributors adjusted the tax rate on all transactions from 1.2% down to 0.2%. The post Terra Classic developers lower ‘burn tax' rate in bid to revive on-chain activity appeared first on The Block.

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