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Terra

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Due to limited liquidity, LUNA sell orders will not be accepted from 10:51 PM - 11:11 PM CT. Please submit your orders outside of this window.

On Thurs. May 25, Terraform Labs announced that the Terra community had approved the creation of a new blockchain, Luna 2.0. The creation of this new chain is a response to unprecedented volatility on the Luna 1.0 chain, which caused the price of the original LUNA and UST to collapse almost to zero. 

As part of the migration, the former asset LUNA will become Luna Classic, or LUNC. A portion of LUNA holders will be eligible to receive an airdrop of the new token (LUNA), per the terms outlined by Terraform Labs.

The new Terra blockchain will utilize the new LUNA, and will not include the UST stablecoin. 

On 9 May, after nearly 18 months of steadily holding its value against the US dollar, the so-called stablecoin TerraUSD (UST) became unpegged. The uncoupling triggered a cascade response that ultimately crashed UST and the Terra (LUNA).

TerraUSD (UST) is a stablecoin, which means it is a cryptocurrency pegged to a fiat currency. In this case, it is designed to be pegged to the US dollar. Stablecoins are intended to allow investors to hold crypto assets with less volatility, and trade a dollar equivalent without needing to cash out their positions. 

UST is considered an algorithmic stablecoin because instead of being backed by assets such as cash or cash equivalents, it is supported by on-chain code that facilitates a change in the supply and demand between UST and LUNA.

LUNA is the cryptocurrency that works in unison with UST in an effort to keep UST in 1:1 parity with the US dollar. One dollar of LUNA can always be converted at a 1:1 ratio to 1 UST. 

For example, if LUNA is trading at $10, then it can be redeemed for 10 UST, and 10 UST can be redeemed for 1 LUNA. If UST rises above its $1 peg to $1.01, then traders can swap 1 USD of LUNA for 1 UST. This trade burns 1 LUNA and mints 1 UST, which can then be sold for 1.01 USD. 

If UST rises to $1.02, then traders can sell for a 2 cent profit, and so on. 


In theory, increasing the supply of UST and lowering the supply of LUNA brings the price of UST back down until it reaches $1. Conversely, if UST drops below the $1 peg, then traders will be incentivized to buy 1 UST for 0.99 USD, which can then be swapped for 1 LUNA. 

This move burns UST and mints LUNA, sending UST higher towards the $1 peg.

UST lost its peg to the dollar starting on May 8th following large withdrawals of UST from Terra’s DeFi protocol Anchor. UST fell quickly, and struggled to regain its peg because the burning of UST and minting of LUNA couldn’t keep up. 

UST descended rapidly as the prolonged de-pegging led to uncertainty and a snowball effect of larger withdrawals. 


A significant share of circulating UST was locked on Anchor, a Terra-based lending and borrowing protocol that paid users 19.5% to stake UST. 

The LFG used up about $2.9 billion of its bitcoin reserves in an unsuccessful attempt to revive UST. 

WSJ 
Decrypt 
Bloomberg

*This content is for educational purposes and is not investment advice.

Bitcoin

Luna Classic (Former Terra)

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

The Daily: BlackRock's Bitcoin ETF sees largest daily outflows since launch, Do Kwon pleads not guilty and more

Kwon's Terraform Labs developed the luna cryptocurrency and stablecoin terraUSD, which folded in 2022, losing an estimated $40 billion

Do Kwon Pleads Not Guilty to Fraud Following Extradition to US: Reuters

Do Kwon, co-founder of Terraform Labs, appeared in a U.S. court on Jan. 2, 2025, where he pleaded not guilty to charges stemming from the collapse of the Terra ecosystem.

Do Kwon Pleads Not Guilty to U.S. Charges for $40 Billion TerraUSD Collapse, Faces Multiple Fraud Counts

Terraform Labs co-founder Do Kwon pleaded not guilty in a New York court shortly after being extradited to the U.S. from Montenegro.

Terraform Labs co-founder Do Kwon pleads not guilty to criminal charges in Manhattan court following extradition: reports

Freshly extradited from Montenegro, Terraform Labs co-founder Do Kwon pleaded not guilty to U.S. criminal charges over Terra's collapse.

Do Kwon Pleads Not Guilty to US Charges Over Terra LUNA, UST Crash

The disgraced co-founder of the Terra (LUNA) ecosystem is set to appear in a US court today after recently being extradited from Montenegro.

Recently Extradited Terra (LUNA) Founder Do Kwon Set To Appear in U.S. Court Today: Report

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was set to appear in U.S. court on Thursday to face criminal fraud charges after being extradited from Montenegro this week.

Former crypto executive Do Kwon due in US court on criminal fraud charges

Montenegrin authorities extradited crypto entrepreneur Do Kwon to the United States on Sunday to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.

Terraform Labs Founder Do Kwon Handed Over to US Authorities Days After Montenegro Approved Extradition: Report

Do Kwon, the South Korean founder of Terraform Labs, has been extradited to the United States. Authorities in the country accused Do Kwon of orchestrating a multi-billion dollar crypto fraud following the collapse of his company's Terrausd and Luna cryptocurrencies in 2022. The collapse caused billions of dollars in losses across the market.

Do Kwon Extradited to US to Face Crypto Fraud Charges

Montenegro extradited Terraform Labs co-founder Do Kwon to the U.S. on Tuesday, according to the Vijesti news outlet.

Montenegro extradites Terraform Labs co-founder Do Kwon to the US with help from Interpol

Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, the interior ministry said.

Montenegro says it extradites Terraform Lab co-founder to US

Bitcoin holds above $96,000 while investors turn to AI and DeFi tokens for growth opportunities, and Bitget to burn 40% of total supply of BGB.

The Daily: IRS finalizes tax rule requiring ‘DeFi brokers' to collect user trading information, Do Kwon's US extradition and more

Disgraced Terra (LUNA) founder Do Kwon is reportedly going to be extradited to the US after losing an appeal in a Montenegrin high court.

Do Kwon Set To Be Extradited to the US After Losing Appeal in Montenegrin Constitutional Court: Report

Montenegro's Minister of Justice, Bojan Božović, said in a statement he approved the Terraform founder's extradition to the U.S. rather than South Korea.

Do Kwon's U.S. Extradition Gets Okay From Montenegro's Justice Minister

Montenegro's Minister of Justice, Bojan Božović on Friday authorized the extradition of Terraform Labs co-founder Do Kwon to the United States, concluding months of legal wrangling over competing extradition requests from the U.S. and South Korea. What Happened: The ruling follows a decision earlier this week by Montenegro's Constitutional Court, which denied Kwon's appeal against a September Supreme Court decision.

Terra Luna Co-Founder Do Kwon To Be Extradited To The US: Report

Montenegro has greenlit the extradition of Terraform Labs co-founder Do Kwon to the United States, possibly settling a tug-of-war between the U.S. and South Korea, according to Bloomberg. Do Kwon's U.S.

Report: Montenegro Agrees to Extradite Terraform Labs' Do Kwon to the US

This follows the Supreme Court ruling earlier this year to delegate the final decision making authority to the Justice Minister.

Montenegro justice minister signs Do Kwon's extradition to US

A Montenegrin court upheld the extradition of Do Kwon, founder of Terra Labs. The U.S. and South Korea both requested extradition, and a Montenegro minister will decide which country gets him. Montenegro Minister to Decide Do Kwon's Next Destination The Montenegrin Constitutional Court unanimously dismissed jailed Terra Labs founder Do Kwon's appeal against his extradition.

Do Kwon Extradition: Montenegro Court Upholds Ruling, US or South Korea Awaits

The court rejected Do Kwon's appeal of a Supreme Court ruling that gave the Justice Minister authority over his extradition.

Montenegro court dismisses Terra co-founder Do Kwon's extradition appeal

Director Harry Hyun said the movie will portray “the reality of young people who are addicted to stocks during the day and coin speculation at night.”

Disgraced Terra Founder Do Kwon Inspires Korean Indie Film ‘Crypto Man'

While the SEC touts its enforcement as a win for investors, the crypto industry is rejoicing over Chair Gary Gensler's imminent departure.

SEC Rakes in $8.2B in Penalties for 2024, Over Half Tied to Terraform Labs

Avalanche

A bankruptcy court has allowed the Avalanche Foundation to buy back 1.97 million AVAX tokens it sold to the defunct Luna Foundation Guard.

Avalanche Foundation buys back $52 million worth of AVAX tokens from Do Kwon's defunct ‘Luna Foundation Guard'

The key organization backing the Avalanche (AVAX) blockchain ecosystem is announcing plans to repurchase crypto assets sold to the nonprofit behind the Terra (LUNA) protocol in the first half of 2022.

Avalanche Foundation Seeking To Buy Back $56,795,000 in AVAX Sold to Luna Foundation Guard Before 2022 Collapse

The company behind TerraUSD and Luna could shell out up to $442 million to investors.

Terraform Labs Could Pay Up to $442 Million as Bankruptcy Judge Approves Wind Down

Terraform Labs has received court approval to wind down operations in bankruptcy following a settlement with the U.S. Securities and Exchange Commission (SEC). The company had been at the center of a scandal that left cryptocurrency investors facing significant losses after the Terra ecosystem collapsed.

News for Terra Crypto (LUNA)