Luna Classic (Former Terra)

Luna Classic (LUNC) is the native token of the original Terra blockchain, which was launched in 2018. Previously, there was an exchange relationship between LUNC and UST, an algorithmic "stablecoin" intended to have a constant value of $1. After UST depegged from $1 in May 2022, the price of LUNA and UST crashed. As a result, the Terra community voted to create a new blockchain. The original Terra blockchain and LUNA token were rebranded as Terra Classic and Luna Classic. The goal of Terraform Labs, the firm that developed the new and old Terra blockchains, is that the protocols and applications of the Terra Classic network will migrate to the new Terra 2 blockchain. As of June 2022, the future utility of the original Terra blockchain is uncertain.

Terra

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 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.

Terraform Labs Gets Court Approval to Wind Down Operations in Bankruptcy

Another chapter has closed for Terraform Labs after the firm received approval from a court to close down its operations, according Reuters.

Terraform Labs gets sign off from US bankruptcy judge to begin winding down: Reuters

Terraform Labs received court approval on Thursday to wind down its operations in bankruptcy after agreeing to settle a U.S. Securities and Exchange Commission lawsuit accusing the company of defrauding cryptocurrency investors who lost an estimated $40 billion when the TerraUSD and Luna tokens collapsed in 2022.

Terraform Labs approved for bankruptcy wind-down after US SEC settlement

The U.S. Securities and Exchange Commission (SEC) hit cryptocurrency entities with record fines in 2024, highlighting the growing financial risk for companies that fail to comply with regulatory standards. What happened: According to a study released by cryptocurrency analytics firm Social Capital Markets, the regulator has issued over $7.42 billion in fines since 2013, with $4.68 billion, or around 63%, coming this year alone.

Terraform Labs' Historic $4.5B Settlement With SEC Makes 2024 The Most Penalized Year For Crypto Firms, Fines Surge More Than 3,000% Over Last Year

Terraform Labs' $4.47 billion fine in 2024 has already helped this year become the record year in terms of total financial penalties.

SEC's crypto industry fines surpass $7.4 billion after massive Terraform penalty: study

The Chapter 11 bankruptcy reorganization hearing for Terraform Labs Pte. Ltd. and Terraform Labs Limited is set for Sept. 19, 2024, at 10 a.m. EDT. This hearing will be pivotal in shaping the future of the crypto company, which has encountered substantial hurdles since the Terra ecosystem's collapse in 2022.

Terraform Labs' Fate Hinges on Sept. 19 Bankruptcy Hearing

Polish national Roman Ziemian, the co-founder of digital currency trading platform FutureNet who allegedly defrauded users out of around $21 million has been detained in Montenegro, according to multiple reports citing an announcement from the nation's police.

Another Crypto 'Fraudster' Arrested in Montenegro, Where Do Kwon Awaits Extradition: Reports

Liquidators of the failed crypto hedge fund Three Arrows Capital (3AC) are reportedly seeking $1.3 billion from Terraform Labs, the bankrupt stablecoin firm co-founded by Do Kwon. According to a new report by Bloomberg, the liquidators filed a claim in the U.

Three Arrows Capital Liquidators Want $1,300,000,000 From TerraForm Labs Over 2022 LUNA Collapse: Report

Liquidators of the failed crypto hedge fund Three Arrows Capital (3AC) filed a claim in Delaware federal court on August 9, and are seeking $1.3 billion in damages from Terraform Labs.

3AC Liquidators Seek $1.3B from Terraform Labs After Terra Collapse

TerraForm sought to "manipulate the open market for LUNA and UST in a manner that artificially inflated the price for the assets," it claims.

Three Arrows Capital Liquidators File $1.3 Billion Claim Against Terraform Labs

Defunct cryptocurrency hedge fund Three Arrows Capital's (3AC) liquidators have sued Terraform Labs for $1.3 billion, for losses the fund suffered following the 2022 crash, Bloomberg reported on Monday.

Three Arrows Capital Liquidators Now Sue Terraform Labs for $1.3B: Bloomberg

Liquidators for the defunct cryptocurrency hedge fund Three Arrows Capital are pursuing a claim of at least $1.3 billion against TerraForm Labs Pte., the bankrupt digital assets company co-founded by Do Kwon.

Liquidators Pursue $1.3B From TerraForm Labs After Three Arrows Capital Collapse: Report

The Supreme Court of the southeastern European nation of Montenegro is again postponing Terra (LUNA) co-founder Do Kwon's extradition to South Korea. According to a report from Montenegrin news outlet Vijesti, Montenegro's Supreme Court has halted the extradition due to a request for “protection of legality” brought forth by Kwon's camp.

News for Luna Classic (Former Terra) Crypto (LUNC)