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 U.S. Securities and Exchange Commission (SEC) has raised objections to a $166 million retainer payment to lawyers of Terraform, according to Reuters.

SEC Objects to Terraform's $166M Retainer of Law Firm Dentons: Reuters

The SEC has asked a US bankruptcy court to deny Terraform Labs' retention of Dentons as its special counsel in a filing submitted Tuesday.

SEC challenges Terraform Labs' ‘suspicious' $166 million payment to lawyers in court filing

Terra co-founder Do Kwon will likely miss the start of the SEC trial on fraud charges amidst the delay in his extradition, Reuters reported.

Terraform Labs' Do Kwon to miss start of SEC trial on fraud charges: Reuters

The cryptocurrency entrepreneur Do Kwon will likely miss at least the start of a scheduled March 25 trial on U.S. Securities and Exchange Commission fraud charges because of a delay in extraditing him from Montenegro, his lawyer said on Monday.

Terraform Labs co-founder Do Kwon to miss start of US SEC trial

Terraform Labs co-founder Do Kwon is set to be extradited to the United States after a Montenegrin court's final decision. What Happened: The Podgorica High Court denied South Korea's request to extradite Kwon, according to local reports.

Do Kwon To Be Extradited To US As Montenegrin Court Rejects South Korea's Request

A court in Montenegro on Wednesday ruled that crypto entrepreneur and Terraforms Labs co-founder Do Kwon should be extradited to the United States, rather than to his home country South Korea, to stand trial on fraud charges, the Wall Street Journal reported.

Montenegro court says Do Kwon should be extradited to US, WSJ reports

Do Kwon, former crypto billionaire and founder of the Terra (LUNA) ecosystem, will be sent to the United States to face fraud charges. In 2022, Terra's UST stablecoin and its associated altcoin LUNA went to virtually zero after its pegging mechanism didn't work as intended, wiping out roughly $40 billion in value within days.

Do Kwon Will Be Extradited to United States Following Montenegro Court Ruling: Report

In a landmark decision, the High Court in Podgorica has ruled that the former Terraform Labs CEO, Do Kwon, will be extradited to the United States, sidelining South Korea's request for his extradition. The court's ruling comes after extensive deliberations on the legal and political implications of the extradition. Report Details Do Kwon's U.S.

Do Kwon's Fate Sealed — Montenegro High Court Opts for US Extradition in Legal Tug-of-War

Terraform Labs co-founder Do Kwon will be headed to the U.S. where he faces fraud claims that led to devastating losses for U.S. investors.

Terraform Labs' Do Kwon set to be extradited to the U.S., according to local media

An appellate court in Montenegro is revoking the extradition of disgraced Terra (LUNA) founder Do Kwon to the US and has ordered a retrial.

Montenegro's Appellate Court Revokes Terra (LUNA) Founder Do Kwon's Extradition to the US, Orders a Retrial

Following the Montenegro Appeals Court's decision to reject the extradition requests for Terraform Labs co-founder Do Kwon, the panel from the Appeals Court has nullified the latest decision by Podgorica's High Court to extradite Kwon to either South Korea or the United States.

Legal Twist Keeps Terraform Labs' Co-Founder Do Kwon in Montenegro, Appeals Court Questions Extradition Grounds

The appellate court decided that the original decision to extradite Kwon was "affected by significant violations."

Do Kwon Will Not Go to U.S. as Montenegro Revokes Extradition

The Montenegro Court of Appeals has again canceled the approval of Terraform Labs co-founder Do Kwon's extradition to South Korea or the U.S.

Do Kwon's extradition revoked again, granted appeal by Montenegro court

The appeal is a minor victory for Kwon, who initially won an appeal in November only for it to be subsequently overturned.

Do Kwon Wins Second Chance to Appeal Extradition From Montenegro

Han Chang-joon, the former financial officer of Terraform Labs, has been extradited to South Korea from Montenegro, where he had been held since his arrest in March 2023.

Do Kwon's Former Terraform Labs CFO, Han Chang-joon, Extradited to South Korea

The former developer of Terraform Labs testified that Terra executives knowingly deceived investors, according to local media.

Former Terra developer testifies against Do Kwon at South Korean court: report

Montenegro recently extradited the former Terraform Labs financial officer Han Chang-joon to South Korea where he faces fraud-related charges. According to the Montenegro police, the decision to extradite Han was made by the country's Justice Ministry.

Former Terraform Labs Financial Officer Has Been Extradited to South Korea — Montenegro Police

Former Terraform Labs CFO Han Chang-joon faces charges in South Korea including fraud that could carry a life sentence.

Terraform Labs Former CFO Extradited From Montenegro to South Korea

Han Chang-joon was handed over to South Korean authorities following a decision by the Balkan country's Ministry of Justice.

Terraform Labs former CFO extradited to South Korea

Han Chang-joon was charged with carrying falsified travel documents alongside Terra co-founder Do Kwon last year.

Former Terraform Labs CFO Han Chang-joon Extradited to South Korea by Montenegro

Terraform Labs' bankruptcy protection would allow the company to pursue an appeal against the SEC's fraud lawsuit, the company said.

Terraform Labs says bankruptcy helps afford appeal against SEC's fraud lawsuit

Collapsed crypto company Terraform Labs has filed for Chapter 11 bankruptcy in the United States. The firm submitted a voluntary petition to the U.S. Bankruptcy Court for the District of Delaware.

Crypto Company Terraform Labs Files for Chapter 11 Bankruptcy Protection

Terraform Labs has filed for Chapter 11 bankruptcy in the U.S. amid ongoing litigation with the U.S. Securities and Exchange Commission (SEC). The company stated in its bankruptcy filing that “funds will be available for distribution to unsecured creditors.” Meanwhile, Terraform Labs co-founder Do Kwon is facing an upcoming SEC trial and extradition proceedings.

Terraform Labs Files for Bankruptcy in US Amid SEC Lawsuit

The firm said that the bankruptcy filing would enable it "to execute on its business plan while navigating ongoing legal proceedings."

Terraform Labs Files for Chapter 11 Bankrupty in Delaware

Terraform Labs recently lost a case when a U.S. judge ruled that LUNA and MIR are securities, and is currently facing a class action lawsuit in Singapore.

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