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

South Korean prosecutors are pushing for him to face criminal charges in his home country, claiming it would be best for victims.

Terra's Do Kwon Caught in Jurisdictional Battle Between US and South Korea

Almost 12 months back, terrausd (UST), an algorithmic stablecoin, suffered a detachment from the U.S. dollar, causing the Terra ecosystem to crumble shortly thereafter. At present, supporters of the Terra Classic blockchain community are deliberating on a plan to revive the ecosystem by re-establishing the once-stable token's peg with the U.S. dollar.

Terra Classic Advocates Propose Plan to Re-Establish USTC's Peg With US Dollar, Token's Value Surges by Over 9%

Community members are vying for a new model to improve revenues to sustain the peg, which includes token buybacks and fees paid on peg deviations.

Terra Classic Hopefuls Mull Revival of Failed UST Stablecoin

In the wake of the recent legal action against ten associates of Terraform Labs, which included the co-founder Shin Hyun-seong, known to many as Daniel Shin, it appears that prosecutors from Seoul are convinced that Terraform Labs and co-founder Do Kwon are still in possession of a considerable sum of money, specifically 130 billion won

Seoul Prosecutors Believe Terra Co-Founder Do Kwon Still in Possession of $100 Million Held in Swiss Bank Account

Terraform Labs (TFL) and its co-founder Do Kwon have requested the dismissal of the charges brought against them by the U.S. Securities and Exchange Commission (SEC).

Terra (LUNA) Founder Do Kwon Asks Court To Dismiss SEC's Securities Fraud Charges

Recent local reports have brought to light that Shin Hyun-seong, also known as Daniel Shin, co-founder of Terraform Labs, has been indicted by the Seoul Southern District Prosecutors' Office on charges of fraud.

Report: Terraform Labs Co-Founder Indicted on Fraud Charges in South Korea

South Korean prosecutors on Tuesday indicted the co-founder of the blockchain platform Terraform Labs, Daniel Shin, for fraud and other charges, the Yonhap news agency reported.

South Korea prosecutors indict Terraform Labs co-founder - Yonhap

The Terraform Labs founder also called Terra's failed stablecoin a currency and said he wasn't given sufficient warning about alleged SEC violations.

Do Kwon Seeks To Dismiss SEC Charges as South Korea Rules LUNA Is Not a Security

Amidst the allegations against Do Kwon, the co-founder of Terraform Labs, a recent report by the Korean Sunday News has revealed that the Seoul Southern District Court has ruled in favor of LUNA, now renamed LUNC, by stating that it is not a financial investment product. Despite the recent enforcement action by the U.S.

South Korean Court Rules Terra Crypto Asset LUNC Is Not a Security

Lawyers for Do Kwon, founder of the defunct crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the SEC, citing lack of jurisdiction among other reasons, according to court filings from Friday. Kwon has been on the run since the collapse of his cryptocurrency enterprise in May 2022 and was recently arrested in Montenegro for attempting to travel with falsified documents.

Crypto Founder Do Kwon's Legal Team Challenges SEC's Authority To Regulate Digital Assets

Terra Classic, the renamed native token of Terra that dramatically imploded last year, is not a security, according to Korean court rulings.

Terra Classic is not a security, Korean court rules

The SEC cannot regulate digital assets involved in the case as the UST stablecoin is a currency, not a security, lawyers for the disgraced crypto executive said.

Terra's Do Kwon Wants SEC Charges Dismissed, Court Filings Show

In a court filing last Friday, lawyers for Terra (CRYPTO: LUNA) cofounder Do Kwon asked a judge to dismiss the U.S. Securities and Exchange Commission's lawsuit against the disgraced crypto CEO, asserting that the regulatory agency's accusation of securities fraud was unfounded because the stablecoin at issue is a currency, not a security. Kwon's attorneys said U.S. law prohibits regulators "from using federal securities law to assert jurisdiction over the digital assets in this case," according to Bloomberg.

Do Kwon's Lawyers Dismiss SEC's Securities Fraud Allegation, Claims Agency Is Using Antiquated Laws To Regulate Cryptocurrencies

Attorneys defending the co-founder of Terraform Labs, Do Hyeong Kwon, also known as Do Kwon, have presented their argument that says the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter. The legal team asserts that U.S.

Do Kwon Challenges SEC's Jurisdiction in Multibillion-Dollar Crypto Securities Fraud Case

Disgraced crypto entrepreneur Do Kwon is embroiled in new legal trouble as authorities in Montenegro formally charged him with a case of forgery. According to a new report from Bloomberg, Montenegrin prosecutors filed an indictment for the Terraform Labs co-founder and his chief financial officer Han Chang-Joon for allegedly forging personal documents.

Montenegro Prosecutors Slap Disgraced Terra (LUNA) Founder Do Kwon With Forgery Charges: Report

Nearly a month after Do Kwon's arrest by Montenegro law enforcement, local prosecutors have now indicted the co-founder and CEO of Terraform Labs. The decision to indict Kwon is likely to delay attempts to extradite him to South Korea and the United States where he faces several charges.

Report: Terraform Labs Co-Founder Do Kwon Charged by Montenegro Prosecutors

Prosecutors have sought to extend the detention period for Kwon along with his chief financial officer Han Chang-joon

Terraform Labs Co-Founder Do Kwon Faces Montenegro Indictment: Bloomberg

The Terraform Labs co-founder was arrested while trying to leave Montenegro on a private jet last month.

Do Kwon charged with using false passport in Montenegro: DL News

Serbian authorities have confiscated a €2 million luxury apartment in Belgrade where Terraform Labs founder Do Kwon sought refuge during a six-month pursuit, according to Serbian prosecutor Branko Stamenkovic. Stamenkovic told DL News, “The police were on the ground to search the apartment and premises based on the order of the higher court in Belgrade at the proposal of the prosecution for a high-tech crime, and the apartment was temporarily confiscated based on the order of the prosecution.

Do Kwon's Lavish Serbian Hideaway - Inside The Crypto Magnate's Secret Sanctuary

A judge rejected Do Kwon's request to block SEC access to documents related to Terraform Labs' activities in Singapore.

SEC Granted Access to Singapore Records for Terra's Do Kwon

Do Kwon, founder of Terraform Labs, allegedly transferred 9 billion won ($7 million) to South Korean law firm Kim & Chang just before the collapse of the crypto platform in May 2022, according to a new report.

The $7M Transfer Do Kwon Reportedly Made To Law Firm Just Before Terraform Labs' Downfall

South Korean prosecutors confirmed a report that Kwon sent $7 million to a local law firm in the months leading up to his venture's dramatic fall.

Do Kwon Retained Law Firm Before Terra's Collapse: Report

Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse.

Do Kwon's Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils

The collapse of Terra continues to reverberate in Do Kwon's homeland, but there are signs of progress, CoinDesk's Emily Parker reports.

As Justice is Sought for Do Kwon, South Korea's Crypto Scene Emerges From Terra Luna's Shadow

A recent report has revealed that Terra (CRYPTO: LUNA) cofounder Do Kwon, who was arrested in March for his alleged role in the collapse of the $40 billion Terra ecosystem in May 2022, appears to have converted most of his properties into Bitcoin (CRYPTO: BTC). The disgraced founder allegedly sent his crypto stack to an exchange outside of South Korea, according to Korean media outlet KBS.

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