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The financial watchdog contends the payment may be intended to avoid future judgments and should instead aid investors and creditors.

Terra Luna Classic joined other cryptocurrencies as they rallied this week buoyed by a staggering breakout in Bitcoin price to highs near $64,000. LUNC price, amidst the volatility in the market, doubled down on bullish efforts to blast from a weekly low of $0.0001137 to the current yearly high of $0.0001563.

According to a Reuters report, the US Securities and Exchange Commission (SEC) has raised concerns regarding Terraform Labs' hiring of the law firm Dentons and the payment of litigation costs for its employees during the company's bankruptcy proceedings.

While acknowledging Dentons as legal counsel, the SEC deemed the amount transferred as “extraordinary,” taking action to protect Terraform Lab's assets due to inadequate disclosures and bankruptcy regulation non-compliance. SEC Accuses Terraform Labs of Suspicious Fund Transfers The SEC revealed that Terraform Labs had transferred $122 million to Dentons within 90 days before filing for bankruptcy, a timing the SEC considers suspicious.

The US Securities and Exchange Commission (SEC) accused Terraform Labs of transferring around $166 million to Dentons U.S. LLC, a law firm, under the guise of an Advance Retainer Payment. The SEC views this move as an effort to divert assets from the company ahead of any court decision.

Terra Luna Classic community's campaign to reduce LUNC supply through token burn has hit the 100 billion LUNC landmark. The world's largest crypto exchange Binance has contributed immensely to LUNC burn with its monthly LUNC burn mechanism, accounting for over 51% of the total LUNC burned by the community.

The regulator argued that Terraform Labs "siphoned" the money into an "opaque slush fund for its lawyers."

The U.S. Securities and Exchange Commission (SEC) revealed suspicious movements of Terraform Labs' funds. According to Reuters, the SEC discovered a payment of $166 million to the company's lawyers from Terraform Labs.

The U.S. Securities and Exchange Commission (SEC) has raised objections to a $166 million retainer payment to lawyers of Terraform, according to Reuters.

The SEC has asked a US bankruptcy court to deny Terraform Labs' retention of Dentons as its special counsel in a filing submitted Tuesday.

In a significant development for the Terra Luna Classic community, Terra Tritium has unveiled the Tritium Bridge, an innovative solution designed to enhance utility and facilitate seamless token teleportation between different blockchains. Validator VegasMorph highlights the potential return of utility to the chain through recent advancements, with the Tritium Bridge positioned as a pivotal component.

Recent efforts within the Terra Luna Classic community focus on upgrades, burning initiatives, and advancements in staking to enhance utility and generate cash flow. Dedicated developer groups are actively addressing these requirements.

Amid the Terra Luna Classic community push for upgrades, burn, and staking developments, utility and cashflow are major requirements that some dedicated developer groups working on. Recent developments including the launch of the Tritium Bridge could return utility to the chain, claims validator VegasMorph.

The legal conundrum surrounding fallen crypto star Kwon Do-hyeong has taken yet another key turn as the U.S. Securities and Exchange prepares to begin its trial against him. Interestingly, Kwon may miss the beginning of the securities fraud trial due to delays in his extradition from Montenegro.

Kwon's US SEC fraud case is scheduled for March 25. However, his lawyer doubts he will be extradited before the end of that month.

The crypto market has been lively lately due to price increases. It all started on Monday when the price of Bitcoin surged above $57,000, a level not seen since 2021.

Do Kwon's lawyers told a US court on Feb. 26 that the Terraform Labs co-founder will be unable to attend the initial hearings of the SEC trial. The lawyers did not request an adjournment and said the trial could begin as scheduled on March 25 without Kwon's presence, according to court filings.

As per the recent court filings, the co-founder of Terraform Labs, Do Kwon, may not arrive in the United States in time for the trial with the Securities and Exchange Commission (SEC). Kwon's legal representatives have concerns regarding the postponement of the extradition process from Montenegro, where Kwon has been detained since March 2023.

The Terraform Labs co-founder and his lawyers seek tactics to evade accountability, determined to fight tooth and nail against extradition.

Former Terraform CEO Do Kwon's extradition battle continues.

Price increases in the crypto market have kept the mood vibrant since Monday when Bitcoin price broke out above $57,000 for the first time since 2021, triggering a 5% spike in Terra Classic (LUNC price) to $0.00013. LUNC Price Prediction As Technicals Improve Terra Classic has kept a bullish outlook since the beginning of February, with LUNC

According to Do Kwon's legal team, a Montenegrin High Court made a Feb. 21 ruling to extradite the Terraform co-founder to the United States “based on erroneous information.”

Read our Terra Classic price prediction to explore the coin's price journey so far and consider where it could go in the future. Terra is a blockchain protocol that utilizes fiat-pegged stablecoins to facilitate global payment networks.

The legal saga surrounding Terraform Labs co-founder Do Kwon is taking another pivotal turn as the US Securities and Exchange Commission (SEC) prepares to commence its civil trial against him on March 25, despite his likely absence due to extradition delays from Montenegro.