Terra, the cryptocurrency, has undergone a series of notable events.
Do Kwon, the fugitive crypto king behind the Luna/Terra, was extradited to the U.S from his refuge to answer the collapse of a $40 billion stablecoin. Subsequent to the $40 billion stablecoin collapse, his company, Terraform Labs, has agreed to open a loss claims portal on March 31 to manage requests from investors. The company's subsidiary,
Jump Crypto, had to pay $123 million to the Securities and Exchange Commission (SEC) for manipulating the Terra Luna UST peg. Shortly after his extradition, Kwon pleaded not guilty to U.S charges over the Terra LUNA/UST crash.
The entire fiasco spurred a
Terra Luna Classic trend, with analysts predicting an uptrend and massive surges due to increased burn and staking rates. Despite the classic Luna's value fluctuations, many believe a bull run is ahead with a potential 480% rally. Partnerships between Terra Luna Classic and other cryptocurrencies, particularly Cardano, are speculated to spark excitement in the crypto space.
However, the roadmap for Terra Classic remains full of challenges. For instance, the price is susceptible to massive burns; it witnessed a 21% drop despite a 1.6 billion burn. The growing burn rates alongside the alleged plans to increase the burn tax have caused division within the Terra community.
Finally, Terra Luna Classic is being prepared for a Tax2Gas Upgrade to help it regain its former glory. Despite the major upgrade, Terraform Labs has filed for bankruptcy in the U.S amid the ongoing turmoil caused by the Luna collapse.
Terra Coin News Analytics from Mon, 20 Jan 2020 02:04:06 GMT to Mon, 12 May 2025 07:24:00 GMT -
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