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 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.

Do Kwon Held in Medical Quarantine Following Shock Arrest in Montenegro

The judge concluded that there are "concrete circumstances" indicating that Kwon could be a flight risk — especially considering he is a foreign citizen.

Do Kwon to Spend Next 30 Days in Detention in Montenegro

Federal prosecutors in New York have filed charges against Terraform Labs co-founder Do Kwon hours after his arrest at the Podgorica airport in Montenegro on Thursday.

US Prosecutors Slam Terra (LUNA) Founder Do Kwon With Eight Counts of Fraud for 2022 Crypto Collapse

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.

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