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Terra Classic new project DFLunc, gaining popularity for its massive LUNC burn mechanism, has burned almost 2 billion LUNC tokens in two weeks. The DeFi protocol was launched in April to deflate LUNC circulating supply more rapidly by burning billions of tokens.
With nearly $1bn of $LUNC staked, crypto traders are favoring the altcoin as a long-term investment.
Do Kwon, co-founder and CEO of Terraform Labs sold crypto assets LUNC and USDT for a countervalue of $2.8 million before being released on bail in Montenegro, where he was previously detained.
Montenegro's acceptance of bail for Terra (LUNA) founder Do Kwon signifies a potential turning point in his legal challenges. This development not only impacts Kwon personally but also carries significant implications for the wider Terra community and the evolving legal landscape of cryptocurrency.
Terraform Labs co-founder Do Kwon has been released from custody in Montenegro on bail.
After denying many proposals related to raising LUNC burn and burn tax, the Terra Luna Classic community finally decided to increase the LUNC burn tax. The move came as LUNC price fell below $0.000010 last week, reaching levels of last May when TerraUSD (UST) and LUNA prices collapsed drastically.
The Proposal for v2.0.1 Upgrade submitted by Terra Classic core developer Joint L1 Task Force (L1TF) has passed the threshold limit. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra Classic chain.
It's been a year of the most dreadful events in the crypto space, wherein the Terra ecosystem collapsed, bringing the value of its token from its highs to almost zero. Since then, many efforts have been carried out to revive the ecosystem, with the creation of Terra (LUNA) being the most prominent one.
Terraform Labs founder Do Kwon and his former chief financial officer Han Chong-Joon have been granted bail by a court in Montenegro.
Today's cryptocurrency market showcases PEPEcoin (PEPE), Lido (LDO), Kava (KAVA), Optimism (OP), Frax Share (FXS), and Luna Classic (LUNC) as the top gainers, while Toncoin (TON), XinFin (XDC), PancakeSwap (CAKE), BitTorrent (BTT), and Flare (FLR) have faced losses.
Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty.
Troubled Terra (LUNA) founder Do Kwon is being placed under house arrest in Montenegro after posting bail.
On May 12, a Montenegro court granted approval to the proposed bail terms for Terra founder Do Kwon, who faces criminal charges of document forgery under Montenegrin law.
Montenegrin officials have granted Terraform Labs co-founder Do Kwon bail in the travel document forgery case. Kwon will be freed from jail on a supervised €400,000 ($436,000) bail pending trial.
Terra founder Do Kwon is free again, as Montenegrin law grants $436,400 bail for the crypto globetrotter.
Do Kwon, the co-founder of Terraform Labs, was granted bail by a Montenegro court.
A court in Montenegro agreed on Friday to release Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, on bail of 400,000 euros ($440,320), pending a trial on local charges.
A Montenegrin court has granted bail to Terraform Labs founder Do Kwon, who faces charges of passport fraud in addition to more serious charges from governments seeking his extradition.
Do Kwon will be released to his apartment in Montenegro after he pays $437,000 in bail money.
In a recent development, Montenegro's court has accepted bail of $457,000 for Korean entrepreneur and alleged criminal Hyung Do Kwon. Upon payment of this amount, the defendant is to be released. However, he will be subject to certain surveillance measures, including a ban on leaving his apartment, which will be monitored by the police.
Terraform Labs co-founder Do Kwon will be released on bail alongside company CFO Han Chong-Joon — against the wishes of prosecutors. The Montenegro court has set a fee of €400,000 ($436,000) per person, according to Bloomberg.
The Basic Court in Montenegro has agreed to a $436,000 bail for Terraform Labs' co-founder and CEO Do Kwon.
What an unexpected development: Terra Luna founder Do Kwon has bought his way out of jail in Montenegro, using his own assets to do so. According to local media, Do Kwon accepted the offered bail of 400,000 euros (about $435,000) each for himself and his relative Hon Chand Jun.
Nothing's been the same since the Terra LUNA ecosystem collapsed last year.
