Terra Luna Classic (LUNC) has been featured prominently in recent cryptocurrency news reports. The series of events includes a
$4M exploit on the Terra Blockchain, resulting in a short halt of the project's operations. However, the platform was quickly rebooted, with the Terra community voting on significant proposals, such as an increase in the
LUNC burn tax. It's been reported that the SEC determined Terra Luna Classic, MATIC and three others as
securities, sparking a flurry of discussions.
Controversially,
Terraform Labs, the company behind
LUNC and
LUNA, has filed for bankruptcy, and operations would be handed over to the Terra community, suggesting a future of decentralization. Their co-founder,
Do Kwon, was ensnared in a legal battle, with the SEC alleging that Terraform Labs built a 'house of cards.' A court case resulted in a $4.5B fine to settle the SEC dispute.
Despite this turbulence, predictions about Terra Classic price have been optimistic, anticipating a potential recovery, and LUNC experienced a
20% surge in price after the SEC settlement. This possibly shows the resiliency of the project in the current situation. However, according to some reports, Do Kwon is likely to face an
extradition trial, pointing to ongoing legal troubles.
Within the Terra ecosystem, significant proposals have been concretely debated, and possibilities for a merger between Terra Luna Classic and Terra Luna have even been speculated.,
Terra Coin News Analytics from Wed, 29 Nov 2023 08:00:00 GMT to Sat, 03 Aug 2024 17:26:15 GMT -
Rating +1
- Innovation +4
- Information +6
- Rumor +2
