The recent news cycle surrounding
Terra Luna and its classic variant offered a chaotic blend of setbacks and hints of recovery. The grim updates revolve around the collapse of Terra Luna and the subsequent SEC charges against its founder,
Do Kwon. The potential victims are expected to number in the millions, and reportedly, a $123 million settlement has been reached.
Kwon has been extradited to face charges in the US, pleading not guilty. Meanwhile, the
Terra Luna community has shown resilience by approving a significant token burn to boost market confidence. The burn seemed to signal a possible recovery for
LUNC, despite the looming SEC hurdles. Various developments and upgrades have kept the market interested. Binance's announcement to support
Terra Luna Classic's major upgrade has positively impacted LUNC price, raising hopes of hitting the $1 mark. In contrast, rumors about the delayed opening of the Terra Luna Resort have been confirmed. The sheer magnitude of the recovery effort becomes apparent with victims being given a month to file loss claims.
Binance is also playing its part by burning 1.7b tokens of Terra Classic. Furthermore, the Avalanche foundation has repurchased 2M AVAX from Terra's Luna Foundation Guard. As for the long-term outlook, speculations are rife. The
Terra Luna Classic community has taken the helm of coin data at CoinMarketCap.
SEC labeling Polygon, Terra Luna, Chiliz, and others as securities has caused some ripple in the market. Overall, the landscape paints a picture of a community trying to find its footing again.
Terra Luna News Analytics from Thu, 11 Apr 2024 07:00:00 GMT to Wed, 05 Feb 2025 06:06:38 GMT -
Rating -5
- Innovation -1
- Information 5
- Rumor -2
