Terraform Labs, a prominent cryptocurrency firm known for LUNA and UST stablecoins, faced serious allegations of fraud leading to a stunning collapse of its Terra and Luna coins. The founder of the company,
Do Kwon, has been extradited to the United States after charges were levelled against him in association with the alleged fraud. Terra suffered a loss of 99.999% of its total value, equivalent to $40 billion - a significant blow to the crypto market. However, attempts are being made to resuscitate the collapsed platform. Terraform has agreed to pay $4.5 billion to settle SEC charges and is open to loss claims from investors. The Terra Luna Classic (LUNC) seems to show signs of recovery, with over 403 billion tokens burned at Binance and the community debating a burn tax increase. LUNA exhibits a strong upward trend and is expected to rebound, with high turnover predicted. In other news,
Arctic Pablo Coin, Celestia, and Terra Classic are tipped to be top cryptocurrency investments.
There's speculation of a strategic partnership between Terra Luna Classic and Cardano, which if happens, could transform the cryptocurrency landscape. In another development, Terraform Labs is planning to sell four of its companies as part of wind-down procedures following an approved bankruptcy settlement. In the meantime, the Terra Luna Classic community has unanimously approved focused upgrades and partnerships with project-leaders, expecting a rally in LUNC markets. Terra Luna Classic has completed a new upgrade, ergo a potential price boost is predicted. Celebrating its success, Binance has declared its support for the major Terra Luna Classic upgrade, predicting a similar surge.
Terra Coin News Analytics from Mon, 09 May 2022 07:00:00 GMT to Wed, 02 Apr 2025 16:33:32 GMT -
Rating -6
- Innovation -9
- Information 7
- Rumor -9
