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While the week started on a high note of $43,800 for Bitcoin (CRYPTO: BTC), it didn't reach that level again for the rest of the week. The crypto's apex king reported a 4% drop in the past 7-days trade while Ethereum (CRYPTO: ETH) saw a 4.6% fall in the same timeframe.
L1TF, the core developer, and Terra Classic Coalition (TCC) have proposed a concrete implementation plan for the approved pay-per-job model in Terra Luna Classic. This model shifts from a monthly payment system to compensating tasks like chain upgrades and maintenance on an individual job basis, representing a notable transformation in how contributions are rewarded in the Terra Luna Classic network.
Terra Luna Classic price is still extending the decline from last week despite the majority of cryptocurrencies rebounding from Wednesday supported by improving sentiment. Bitcoin price blasted above $43,000 after sweeping lows close to $40,000 after the Federal Reserve announced three rate cuts in 2024 while leaving interest rates unchanged.
Core developer L1TF and the new developer group Terra Classic Coalition (TCC) have proposed a practical implementation of the pay-per-job model that the Terra Luna Classic community passed through governance voting. Terra Luna Classic switched from a monthly pay model to a pay-per-job model for tasks including chain upgrades, maintenance, infrastructure management, and others.
Even with positive news within the LUNC community, bearish forces seem to have a strong grip on the market. CoinGlass reports that in the past 24 hours, a total of $222,000 worth of long positions were wiped out, despite the open interest remaining positive.
After an impressive 300% rally in the past week, Terra Luna Classic (LUNC) is now facing bearish pressure as it slumped nearly 10% this week. Despite positive internal news for LUNC, the bears still hold the market at a chokehold.
Back in August 2023, the Terra Classic community passed a proposal that would see 800 million USTC incinerated. This move came about as the community worked to help the token recover and be re-pegged back to the US dollar.
Thanks to its healthy market structure, further gains seem possible for LUNC.
The cryptocurrencies backed by the Terra Classic ecosystem, LUNC and USTC, recently amassed noteworthy attention among crypto market fanatics as the tokens showcased significant upward market trajectories on Thursday. Moreover, the rise in prices comes amid the colossal burning of USTC, stirring speculations across the broader crypto market.
Do Kwon, the ex-CEO of Terraform Labs, is set to spend two months in Montenegro custody after the country's High Court moved his release date to Feb. 15, 2024. While Do Kwon reportedly prefers being sent to South Korea, Montenegro's justice minister is said to be leaning towards sending him to the United States.
Do Kwon, the creator of Terra (LUNA), finds himself entangled in a legal web stretching across continents.
LUNC News: Terra Luna Classic community contemplating to burn 800 million USTC stablecoins again. A validator suggested a legally possible route to burn 800 million USTC from the Terra Luna Classic treasury, held in the Risk Harbor Multisig Wallet through a contract.
The crypto market is experiencing a pullback, with several altcoins seeing double-digit declines. Terra Classic's price, after reaching highs of $0.000278, has retraced by 36% and is currently trading at $0.00018 on Monday.
Crypto Price Prediction: With the Bitcoin price reverting from the $44500 mark, the crypto market has entered into a new phase of correction. This wave of selling pressure has caused retracement to the majority of major cryptocurrencies, allowing buyers to recuperate bullish momentum.
Understanding the Ongoing Legal Battle and Possible Extradition
Terraform co-founder Do Kwon is facing an extension of his detention in a Montenegro jail for an additional two months, amidst the ongoing dispute regarding the potential country to which he could be extradited.
Terra (LUNA) founder Do Kwon is staying in Montenegrin custody for at least two more months at the request of the United States and South Korea.
In a twist that continues to grip the crypto world, Terraform Labs co-founder Do Kwon's stay in Montenegrin custody has been extended. This decision, influenced by the combined requests of the United States and South Korea, means Kwon will remain behind bars until February, far beyond his initial sentence.
The detention of Terraform Labs co-founder Do Kwon in Montenegro has been extended for two more months, until Feb. 15, according to court spokeswoman Marija Rakovic. This decision by the High Court in Podgorica comes in response to requests from both the United States and South Korea, where Kwon faces charges linked to the collapse of TerraUSD, an algorithmic stablecoin, in 2022, Bloomberg reported.
Montenegro is slowing its roll on extraditing former Terraform Labs CEO Do Kwon, according to Bloomberg.
According to a recent announcement on Terraform Labs co-founder Do Kwon, the High Court in Montenegro has prolonged his detention. Originally set to expire on Friday, Kwon's custody period has been extended by an additional two months until February 15th.
The Terraform Labs co-founder had been awaiting extradition to either the U.S. or South Korea after a prison sentence in Montenegro for using falsified travel documents.
Believed to be responsible for the TerraUSD stablecoin disaster, Do Kwon's detention in Montenegro has been extended until mid-February.
Terraform Labs co-founder Do Kwon's custody in Montenegro has reportedly been extended by two months, Barron's reported on Dec. 12. According to the report, Marija Rakovic, a spokesperson for the High Court, confirmed that the “extradition custody of Do Kwon [has been] expanded by two months.
