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Prosecutors in South Korea are reportedly seeking a warrant for the arrest of a Terraform Labs' co-founder along with seven others as part of an investigation of the infamous crash of the Terra (LUNA) ecosystem.
Daniel Shin has denied involvement in the collapse of Terraform Labs, despite South Korean investigators seeking an arrest warrant.
South Korean Prosecutors attempt to arrest Daniel Shin, Terraform Lab co-founder, for fraud and market manipulation.
The Terra Luna Classic price has crept up by 1% in the past 24 hours, following the emergence of a proposal to merge its ecosystem with that of the newer Terra 2.0 platform. At $0.00016160, LUNC is also down slightly by 0.2% in the past week and by 35% in the past month, with its ongoing token burns doing little to counteract the downward pressures exerted on the wider market by FTX's collapse.
Do Kwon, the co-founder, and CEO of Terraform Labs, is still being hunted for, but South Korean officials have expanded their inquiries to include additional Terra executives.
Terra Luna Classic price has been in a strong downward trend in the past few weeks as the crypto market recoiled.
LUNC News Updates: Legal trouble seems to be mounting up for the Terra Labs Co-founders and executives. Reports suggest that South Korean Prosecutors have issued arrest warrants against several Terra employees including CEO Shin.
LUNA and LUNC stood at the center of a new discussion around a proposed ‘Merge Protocol' LUNA and LUNC both registered some upticks in the last 24 hours Terra [LUNA] was among the trending topics on Twitter as of 28 November and could be considered as a topic of discussion in the crypto community.
Several proposals have been submitted in efforts to repeg USTC
The community shows itself to be decidedly resilient to adversity
It's been six months since Terra's algorithmic stablecoin UST (now USTC) depegged from the U.S. dollar and the price has remained depegged from the greenback since May 9, 2022. Currently, the former stablecoin is exchanging hands for $0.
In spite of repeated warnings from financial regulators that doing so was illegal, Terraform Labs Pte. cofounder Daniel Shin promoted the now-defunct Terra-Luna stablecoin as a form of payment, according to South Korean prosecutors.
There are also comments from Do Kwon, who makes the comparison with the collapse of FTX
Wrap Protocol was introduced on the Terra blockchain Development activity and social volume up However, LUNA's price did not respond to this development The Terra [LUNA] ecosystem recently underwent a huge update with the potential to change LUNA's fate for good.
The Luna (LUNA) token has been showing some resistance for the last two days, showing a rise of 10%.
The Terra Luna Classic (LUNC) seems to be recovering for the past two days as its price has increased from $0.0001574 on 21 November to $0.
CZ Comments On FTX Collapse: CZ made some interesting comments on the future of crypto at the Binance meet up Athens on Friday. The Binance CEO compared the evolution of the crypto ecosystem with the development of the internet over last few decades.
The ongoing crypto winter and crisis have hit the market hard. Everyone seems to be dumping high-risk assets and consolidating their portfolios to include only the best coins or tokens.
So many cryptocurrencies are at heavily discounted prices, but buyers aren't sure what to buy.
South Korean politician of the People Power Party, Yoon Chang-hyun, proposed amendments to the digital asset safe transaction bill as he believes the existing bill does not guarantee user protection given the recent FTX collapse. Yoon Change-hyun proffered the revision in the bill to the National Assembly Political Affairs Committee on Nov.
Yoon Chang-Hyun wants to amend the law from South Korea to prevent another FTX-like scenario from happening.
On May 26th, after the LUNA debacle, the old luna chain (now called LUNC) pivoted to a sister chain LUNA 2.0. As part of the transition to Terra 2.0, new LUNA coins got airdropped to LUNA, UST (now called USTC), and aUST holders based on the two snapshots outlined in the Terra Ecosystem Revival Plan.
The collapse of FTX wreaked havoc on the market, wiping out billion from the market cap. The post Realized Bitcoin loss from the FTX fallout surpasses LUNA collapse appeared first on CryptoSlate.
Financial regulators in South Korea want to impose a raft of new crypto-related laws – in a direct response to the collapse of the FTX crypto exchange and the implosion of Terra ecosystem coins in May.
