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.

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Terraform Labs co-founder Do Kwon plans to plead guilty to U.S. conspiracy and wire fraud charges tied to the $40 billion collapse of his cryptocurrency projects, a judge confirmed Tuesday.

Do Kwon to Plead Guilty in $40B Terra Luna Collapse

Kwon was criminally charged in March 2023 with conspiracy to defraud, commodities fraud, wire fraud, and securities fraud, among others.

Terraform co-founder Do Kwon pleads guilty to two fraud charges in years long US case: reports

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, is planning to plead guilty on Tuesday to two charges of conspiracy to defraud and wire fraud, a judge said at a U.S. court hearing.

Do Kwon to plead guilty to US conspiracy, fraud charges in $40 billion crypto collapse

Terraform Labs founder Do Kwon may change his "not guilty" plea in federal court tomorrow, a judge said Monday.

Terra's Do Kwon to Change 'Not Guilty' Plea in US Fraud Case

Do Kwon, the South Korean cryptocurrency entrepreneur facing U.S. fraud charges over two digital currencies that lost an estimated $40 billion in 2022, is expected to enter a guilty plea, court records showed on Monday.

Crypto exec Do Kwon, charged with fraud, expected to plead guilty

Do Kwon, the mastermind behind the collapsed Terra crypto project, is expected to plead guilty on Tuesday, court docs show.

Do Kwon Expected to Plead Guilty Over $40 Billion Terra Collapse

Terraforn Labs co-founder Do Kwon plans to plead guilty years after U.S. prosecutors charged him with fraud and money laundering.

Terraform co-founder Do Kwon may plead guilty Tuesday morning in US fraud case

Over the past few years, a wave of digital asset firms collapsed for a mix of reasons—some dragged down by earlier disasters like the FTX and Terraform Labs fiascos. Here's a closer look at a handful of wallets tied to those now-defunct ventures and a glimpse at what's still sitting onchain.

$1.5B in Crypto Still Sits in the Ruins of Firms Like FTX, Terraform, Celsius, and Blockfi

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Asia Morning Briefing: Could 3AC and Terraform be Blamed for Singapore's Crackdown on Offshore Crypto Firms?

Prosecutors said they have no plans to alter the charges against Do Kwon despite a policy shift memo from deputy attorney general.

US prosecutors say DOJ crypto shift won't affect case against Do Kwon: reports

Prosecutors told a New York judge on Thursday that they don't plan to change the charges against Kwon in light of the memo.

DOJ Crypto Enforcement Memo Has No Bearing on Do Kwon's Criminal Case, Prosecutors Say

Terraform Labs will launch a Crypto Loss Claims Portal on March 31, 2025, enabling investors impacted by the 2022 collapse of terrausd (UST) and associated cryptocurrencies to seek compensation.

Terraform Labs Sets March 31 Launch for Crypto Loss Claims Portal

Managed by administrators at New York-based Kroll, the portal will open on Monday, March 31 and close on April 30.

Terraform Labs Creditors Have a Month to Submit Claims for Losses

Creditors must file claims by April 30, 2025, to seek potential recovery.

Terraform Labs to Open Claims Portal for Investors on March 31 

Terraform Labs' crypto claims portal will open on March 31 nearly three after Terra's $40 billion ecosystem collapsed.

Terraform Labs to open crypto creditor claims portal on March 31 in bankruptcy unwind

Disgraced Terraform Labs co-founder Do Kwon will reportedly face trial in the US early next year. Bloomberg reports that New York District Judge Paul Engelmayer on Wednesday set the schedule of the trial, which will begin on January 26th, 2026 and is anticipated to last from one to two months.

Judge Schedules Do Kwon's Criminal Trial for Early 2026 Weeks After Successful Extradition to US: Report

Terra founder Do Kwon's criminal trial has been set. Here's what you need to know about the $40 billion collapse of TerraUSD and LUNA.

Do Kwon's Terra Trial Set for 2026—Here's What You Need to Know

US prosecutors have laid out their plans for discovery in the ongoing criminal case against Terraform Labs co-founder Do Kwon.

US Prosecutors to Search Do Kwon's Emails, Twitter, and Devices in Terra Fraud Case

Kwon's defense attorney's asked for a least a year to prepare for the case, given Kwon's additional legal issues outside the U.S.

Judge sets Terraform founder Do Kwon's trial for January 2026 in ‘unprecedented' move, urges plea negotiations

Do Kwon's alleged schemes could have impacted more than 1 million victims worldwide, according to US prosecutors. US authorities extradited Kwon, the disgraced co-founder of the Terra (LUNA) ecosystem, late last month. Kwon faces fraud charges related to the multibillion-dollar downfall of Terra in 2022.

US Government Estimates Do Kwon's Victim Count Potentially Exceeding 1,000,000 People

New court documents reveal that authorities plan to search through disgraced Terra (LUNA) founder Do Kwon's personal emails, social media accounts, financial records, and more. According to a new court memo, investigators say they will sift through massive amounts of Kwon's personal data to gather evidence against him.

Investigators to Search Through Do Kwon's Personal Emails, Twitter Messages and Mobile Devices in Terra Case

Prosecutors are currently working to unlock four of Kwon's cell phones provided by Montenegrin authorities.

Do Kwon Criminal Trial Set for 2026 as Lawyers Deal with ‘Massive' Trove of Evidence

Court documents allege that Do Kwon's crypto ecosystem Terra may have affected over a million victims when UST and LUNA collapsed in 2022.

Terra Collapse May Have Impacted a Million Victims, Feds Allege in Do Kwon Case

Kwon, recently extradited to the US from Montenegro, pleaded not guilty to his criminal charges in a New York court last week.

US prosecutors estimate over 1 million victims in Do Kwon's criminal case

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

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