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 the wake of the U.S. Securities and Exchange Commission's (SEC) call to depose Terraform Labs creator and former CEO Do Kwon, the SEC unveiled an alleged exchange between him and his former associate Daniel Shin.

‘I Won't Tell if You Don't' — SEC Unearths Alleged Scheme by Do Kwon to Fabricate Terra Transactions

"I won't tell if you won't," Terra's Do Kwon said, according to SEC documents.

Terra's Do Kwon Admits to Faking Trading Volume in Leaked Chat: Court Docs

The legal team defending Do Kwon, the co-founder and former CEO of Terraform Labs, argues that the U.S. Securities and Exchange Commission (SEC) lacks the capacity to depose Kwon, deeming it an “impossible” feat.

Do Kwon's Defense Declares SEC's Deposition Request ‘Impossible' Amid Ongoing Detention Saga

Lawyers representing imprisoned Terraform Labs co-founder Do Kwon have urged a US federal court to reject a request from the SEC to question Kwon in America by October 13.

Do Kwon's Lawyers Say SEC's Request To Extradite Him to the US “Impossible”

A court should oppose the SEC's move to take former Terra CEO Do Kwon's deposition in the U.S. because he is detained, his lawyers argued.

Do Kwon argues that SEC bid for US deposition is impossible

The TerraUSD creator opposes the SEC's attempts to bring him back to the U.S. for questioning about his failed stablecoin projects.

Terraform Labs Founder Do Kwon Opposes SEC's Extradition Request

TerraUSD Classic's (CRYPTO: UST) minting will cease after a community vote on the stablecoin's governance forum. This led to a 59% vote of approval to stop all USTC mining, while 40% opposed it.

Will USTC Recover? Terra Classic Community Discontinues Minting, Votes To Burn

TerraUSD Classic, the stablecoin at the center of Terra's implosion, will no longer be minted.

Terra Classic Community Votes to Stop USTC Minting as Revival Efforts Continue

About 59% of voters were in favor of the move, which comes more than a year after the original Terra Luna collapsed.

Terra Classic Community Votes to End Minting, Reminting of USTC Tokens

Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update.

Terra Classic Votes to Halt USTC Minting; Community Eyes Future Re-Peg

The algorithmic element core to the stablecoin that led to the $45 billion collapse of the Terra ecosystem in 2022 has been turned off.

Terra Classic community votes to stop minting Terra Classic USD (USTC)

Crypto exchange giant Binance (CRYPTO: BUSD) extended support for Terra Luna (LUNC) Classic's latest upgrade for bringing major changes to the chain. The Terra Luna Classic community collectively approved the proposal — 99.85% “Yes” votes — for the v2.2.1 core upgrade submitted by L1 Terra Classic Task Force (L1TF) developer group.

Binance's Support for Terra Luna Classic Network to Upgrade User Experience

The TRON founder has built a crypto empire that would cause collateral damage if it collapsed.

Justin Sun: The Next Do Kwon or Sam Bankman-Fried?

A judge has granted the U.S. Securities and Exchange Commission (SEC) permission to work with international authorities to question one of the co-founders of Terraform Labs. Court records indicate that District Judge Jed S.

SEC Granted Permission To Go After Do Kwon's Close Associate in Korea

ApeCoin

Bitcoin

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices trading below the $29,100 level on Wednesday. Ethereum (CRYPTO: ETH) also recorded losses, but remained above the $1,800 mark this morning.

Bitcoin Falls Sharply, Terra Classic, ApeCoin Among Top Losers

The judge in the FTX bankruptcy proceedings is permitting Terraform Labs to subpoena relevant information from the exchange in its ongoing case against the U.S. Securities and Exchange Commission (SEC). According to Judge John Dorsey's filing on July 31st, Terraform Labs can issue subpoenas to FTX Trading and FTX.

Judge Allows Terraform Labs To Subpoena FTX Entities in Regards to Failure of UST

Terraform Labs could be holding more than $159 million worth of crypto despite previous claims to the contrary, according to new on-chain sleuthing performed for Arkham Intelligence. The sleuthing, executed by the pseudonymous on-chain analyst ErgoBTC and another anonymous on-chain researcher, was incentivized by a bounty of 9519.263 Arkham's newly launched native token (ARKM).

Terraform Labs May Be Holding Over $159,000,000 in Crypto Despite Claims of Almost Losing Everything: Arkham Intelligence

The ruling found that crypto "falls far short" of having the significance needed for Congress to review regulation.

Judge Refuses to Dismiss SEC Lawsuit Against Terraform Labs Despite Ripple Ruling

The Terra/Luna issuer was the first to cite the recent Ripple decision in its defense against an SEC enforcement action.

Judge slams Ripple decision in SEC's case against Terraform Labs

A federal judge rejected Terraform Labs' motion to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission.

Judge Rejects Ripple Ruling Precedent in Denying Terraform Labs' Motion to Dismiss SEC Lawsuit

Terraform Labs and its founder Do Kwon must face fraud allegations brought by the U.S. Securities and Exchange Commission, a federal judge in Manhattan ruled on Monday.

Terraform Labs must face US SEC fraud allegations, judge rules

The first-ever bounty hunt has been facilitated by the Arkham Intel Exchange, a platform that uses a bounty system to encourage users to discover on-chain data which launched on July 10.

First Arkham Intel Bounty Goes to On-Chain Sleuths Who Found Do Kwon Wallets

The payout for the approved bounty submission is 9,519.26 ARKHM, which is worth $4,950.

Arkham Intel Exchange goes after Do Kwon crypto wallets with first bounty

The US Securities and Exchange Commission (SEC) has added additional documents to its lawsuit against Terraform Labs and its CEO Do Kwon.

SEC Hints at Appeal for XRP Case in Lawsuit Against Terraform Labs

SEC lawyers told a federal judge that portions of the Ripple Labs case that went against the agency were wrong and should be ignored.

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