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

In a decision by the Podgorica High Court, ex-Terraform Labs chief executive Do Hyeong Kwon (Do Kwon) is set to be extradited following his four-month incarceration in Montenegro for fabricating travel papers.

Do Kwon Faces Extradition Dilemma: Montenegro's Justice Minister to Decide Between US and South Korea

A final decision on which country takes precedence for Do Kwon's extradition rests with Montenegro's Minister of Justice.

Do Kwon's extradition to South Korea and US approved by Montenegro court

The Terraform Labs founder will serve his four-month sentence in Montenegro for document forgery before a final decision on his extradition.

Terra Co-Founder Do Kwon's Extradition Approved by Montenegro Court

A court in Montenegro said on Friday it had approved the extradition of cryptocurrency entrepreneur Do Kwon, leaving a minister to decide if he will be handed over to South Korea or the United States, which both want him.

Montenegro court approves extradition of 'cryptocurrency king' Do Kwon

Minister will decide if Kwon will be extradited to the U.S. or South Korea.

Montenegro Court Approves Extradition of Do Kwon

Why did transactions spike on Polygon? What's Terra's plan post-Do Kwon? And why did South Korea buy Coinbase shares? Read on to find out.

Five top crypto stories this past week: ETF updates, Terraform Labs' reemergence, why transactions surged on one L2, and more

Do Kwon, the former CEO and founder of Terraform Labs, has been unsuccessful in his appeal against a passport fraud conviction mandated by a court in Montenegro. What Happened: CryptoSlate reported on Wednesday that Kwon and his associate, Han Chang-joon, had been indicted for passport document falsification in June.

Terraform Labs' Founder Do Kwon Fails To Overturn Passport Fraud Conviction

The founder of Terraform Labs was sentenced to four months in prison, and faces extradition following the completion of his sentence.

Do Kwon's Appeal in Fake Passport Case Denied by Montenegro High Court

In a recent development, Terraform Labs has completed the acquisition of Pulsar Finance, a firm specializing in cross-chain analytics and portfolio management. The acquisition occurs as Terraform's former CEO Do Kwon remains incarcerated in Montenegro and a U.S. Securities and Exchange Commission (SEC) lawsuit alleging multi-billion dollar fraud hangs over his head.

Under New Leadership, Terraform Labs Acquires Cross-Chain Analytics Firm Pulsar Finance

Terraform Labs, leading developer of the Terra blockchain, today announced the acquisition of Pulsar Finance.

Terraform Labs acquires cross-chain data provider as it pursues post-Kwon plans

Jump Crypto, a segment of the Jump Trading group, is currently facing scrutiny from the U.S. Securities and Exchange Commission (SEC).

Jump Crypto Faces SEC Scrutiny Over Alleged Role in Do Kwon's Terra's $1 Billion UST Deal

The situation surrounding Terraform Labs co-founder Do Kwon has garnered renewed attention. Recent reports have brought to light possible undisclosed interactions between Jump Crypto President Kanav Kariya and Kwon.

Terra Co-Founder Do Kwon Under Renewed Scrutiny As Crypto Firm Exec Declines SEC Questions

Last week, lawyers representing Terraform Labs and its ex-CEO Do Hyeong Kwon (Do Kwon) moved to dismiss the lawsuit brought against them by the U.S. Securities and Exchange Commission (SEC). In response, the SEC has countered with a motion of its own, asserting the accountability of both the company and Kwon.

SEC Clashes With Do Kwon and Terraform Labs in Court, Alleging ‘Clear, Undisputed' Fraud

Terraform and Kwon's lawyers also filed a similar motion last week, asking a federal judge to nix SEC allegations.

SEC seeks summary judgment in lawsuit against Terraform, Do Kwon

The request follows a move by Kwon's defense team to do the same.

SEC Asks Court for Summary Judgement Against Do Kwon, Terraform

Terraform Labs and its co-founder Do Kwon are asking the Southern District of New York court to strike out parts of the complaint filed by the U.S. Securities and Exchange Commission (SEC). The SEC accuses the collapsed stablecoin issuer and its disgraced former CEO of offering and selling crypto assets that qualify as securities.

Do Kwon and Terraform Labs Seek Summary Judgement in SEC Lawsuit, Citing ‘Severe Deficiencies' in the Case

In the latest legal maneuver, Terraform Labs and its former CEO Do Hyeong Kwon (Do Kwon) have submitted a comprehensive Motion for Summary Judgment, seeking an immediate dismissal of the fraud charges levied against them by the U.S. Securities and Exchange Commission (SEC).

Terraform Labs and Do Kwon Challenge SEC, Seeking Dismissal of Multi-Billion Dollar Fraud Charges

Shin is attempting to distance himself from Terra and Kwon as he faces trial in South Korea.

Daniel Shin Blames Terraform Collapse on Do Kwon's Management: Report

Lawyers representing Terraform Labs and its co-founder asked a judge to decide a case brought by the SEC in an effort to avoid a full trial.

Do Kwon and Terraform Labs' lawyers urge judge to nix SEC's allegations

Terraform Labs and its co-founder, Do Kwon, have approached a federal court to stand by their defense against the U.S. Securities and Exchange Commission's (SEC) allegations of fraud. They argue that the SEC has failed to provide solid evidence that the crypto entity dealt with securities.

Do Kwon, Terraform Labs Tell Court: SEC Hasn't Proven 'Defendants Did Anything Wrong'

Terraform Labs and its co-founder, Do Kwon, are asking a federal judge to side with them in the U.S. Securities and Exchange Commission (SEC) fraud case, arguing that the regulator hasn't managed to prove the crypto company was offering securities.

Do Kwon's Terraform Labs Seeks Early Court Rejection of U.S. SEC Case

Citadel said the claims by Terraform was filed to "deflect attention" from its alleged charges.

Billionaire Ken Griffin's Citadel Securities Denies 'Ridiculous' Claim That It Tanked Do Kwon's Terraform

Kwon has been accused of misleading investors about the terraUSD stablecoin, whose 2022 collapse ricocheted around the crypto world.

Do Kwon's SEC Case May Hinge on Role of Jump Trading, Court Documents Show

As for the evidence, Terraform points to an alleged conversation Citadel CEO Ken Griffin had with a pseudonymous trader.

Terraform Labs Alleges Citadel Securities Behind May 2022 UST Stablecoin Depeg Event

Court documents from the SEC show a text exchange where disgraced crypto mogul Do Kwon admitted to planning to generate fake transactions on the Terra blockchain to boost volume and fees.

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