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LUNC price forecast: LUNC price has experienced a significant rise in value over the last day, showcasing a strong bullish momentum. Recent trends indicate sustained buying interest, leading to a noticeable increase.
Terraform ecosystem's sister tokens LUNA and UST collapse was preceded by founder Do Kwon's tweet stating that he is deploying more capital. The tweet did not age well, two years post the crisis, Terraform Labs and founder Do Kwon are faced with $5.3 billion in penalties.
The Terra Luna Classic community saw a major development today as the Terra Classic Wallet gets a much-needed upgrade. The developer informed the community that the upgrade improves functionalities, usability, and other advancements in general.
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Terra Luna Classic community saw massive LUNC burns with wallet-to-wallet transactions on Wednesday, bringing the total daily LUNC burn to over 275 million. The transactions sparked buzz in the community as someone moved billions of LUNC tokens to burn more than 222 million LUNC with burn tax.
With the majority of assets in the cryptocurrency market consolidating, Terra Classic (LUNC) is going with the flow, doing especially poorly on its year-to-date (YTD) chart where it has dipped nearly 25%, but artificial intelligence (AI) algorithms predict a slight recovery for its price by the end of this month.
Lawyers for the commission cited several examples of Do Kwon touting UST to U.S. investors and Terraform's former communications head making false claims about the stablecoin.
TerraClassicUSD (USTC) price has jumped 9% over the last 24 hours, backed by a strong trading volume increase of over 800%. USTC is currently ranked 67 in terms of trading volume, surprising the crypto community due to the sudden boost.
Proposal to limit the quantity of validator nodes was labelled as “lacking teeth”, due to unpunishable action.
LUNC News: Terra Luna Classic community has rejected a crucial proposal on preventing validators from running multiple nodes on the chain. The proposal received some votes in favor from validators, but top validator Allnodes voted “No” citing “No enforceable rules should not be created on permissionless blockchains” as the reason.
Cheered by the Terra Classic community, Binance makes a bold move towards LUNC supply reduction.
LUNC price prediction: Cryptocurrencies turned bearish earlier this week, extending Bitcoin's post-having retracement, and creating mayhem — uncertainty among investors. Terra Classic suffered a big blow, bearing the brunt of the sell-off, which many believed was accentuated by external headwinds like inflation and geopolitical tensions.
In March 2024, Terraform Labs and its co-founder Do Kwon faced accusations of fraud from a New York Jury, along with demands from U.S. regulators to pay a hefty penalty of $5.3 billion.
Lawyers for the firm claimed that any alleged losses caused by the platform's or Do Kwon's actions happened outside the United States, beyond the SEC's authority in the civil case.
Lawyers for Terraform Labs and Do Kwon pushed back against the SEC after the agency requested them to pay billions of dollars in fines.
The Terra Luna Classic network has completed another upgrade, which has further improved the efficiency and robustness of the system. The rebel-2 update runs on terrad-v3.0.1-rc.1 currently.
Do Kwon's lawyers contend the court should not grant any injunctive relief or disgorgement and should impose at most a $1 million civil penalty against Terraform Labs.
Terraform Labs and its founder, Do Kwon, are contesting the SEC's proposed $5.3 billion fine, labeling it unjustified, following allegations of fraud and unregistered token sales.
TL;DR Terraform Labs and its founder, Do Kwon, challenge a $5.3 billion fine from the SEC. They seek a reduced fine of $1 million and question the SEC's justification for imposing sanctions.
In a legal battle unfolding in March 2024, Terraform Labs and its co-founder Do Kwon faced fraud charges from a New York jury, with U.S. regulators seeking a $5.3 billion penalty. Terraform's lawyers immediately oppose the allegations, citing jurisdictional and evidentiary issues. They argue that most of the token sales occurred outside the U.S.
Terraform Labs and its CEO, Do Kwon, have been confronted with substantive charges from the US Securities and Exchange Commission (SEC). According to the SEC, they have been involved with fraud involving more than $4 billion from unregistered token sales.
In March 2024, a New York Jury slapped fraud charges against Terraform Labs and its co-founder Do Kwon with the U.S. regulators demanding them to pay $5.3 billion in penalty. However, the lawyers representing Terraform have refused these allegations stating that the firm sold most of the UST stablecoins outside the United States.
Terraform Labs fraud fine is being opposed by the firm for the amount of $5.3 billion, arguing most sales were overseas.
The world's largest crypto exchange Binance on Wednesday burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 57 billion.
