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Judge Jed Rakoff — the judge overseeing the US Securities and Exchange Commission's case against Terraform Labs and former CEO Do Kwon — has granted a summary judgment in favor of the regulatory agency.
The SEC claimed that Terraform Labs and Kwon "orchestrated a multi-billion-dollar fraud involving the development, marketing, and sale of various cryptocurrencies," according to court documents.
In a significant stride toward decentralized governance, the Terra Luna Classic community recently voted to establish a novel community-led forum, marking a departure from the existing third-party platform. The proposal, aptly titled “Create official community commonwealth platform,” aimed to redefine the landscape by fostering unbiased moderation and consistency within the Terra Luna Classic ecosystem.
While the Terra Luna ecosystem battles to recover, the LUNC community votes to burn all USTC stablecoins. The decision comes as the project saw renewed interest in the plan to burn over 8 million USTCs from the Risk Harbor Wallet, which lost security keys. The community accepted to blacklist the crypto wallet.
In a recent development, the Terra Luna Classic (LUNC) community actively participated in voting on a proposal to burn all USTC (Terra USD) stored in the community pool. This decision is part of ongoing efforts to revitalize the chain and stimulate recovery in ecosystem tokens.
LUNC News: Terra Luna Classic community votes on a proposal to burn all USTC in the community pool, as part of efforts to revive the chain and bring recovery in ecosystem tokens. The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which sits idle as the project
The community within Terra Luna Classic has approved Proposal 11947, marking the consensus for a self-governed commonwealth platform.
The Terra Luna Classic community has successfully passed a proposal for a community-led Commonwealth platform, overcoming resistance from a portion of its members. The goal of the proposal is to move away from the existing third-party Commonwealth forum, aiming to improve impartial moderation and maintain consistency by creating an official forum.
The Terra Luna Classic proposal for a community-led Commonwealth platform is passed by the Terra Luna Classic community despite pushback from some members. The proposal aimed to depart from the current third-party Commonwealth forum to enhance unbiased moderation and ensure consistency by establishing an official forum.
Terra Luna Classic community has turned down another proposal targeting 800 million USTC burn, with a lack of consensus between community members, including validators. However, top validators haven't voted yet on the proposal despite less than 24 hours left for the governance voting.
The LUNC community has received a proposal from Genuine Labs, a group of experienced developers who aim to contribute to the Terra Classic ecosystem, something that could help revive the USTC and LUNC tokens. What The Latest LUNC Proposal Is About According to the proposal titled ‘Genuine Labs Terra Classic Development Proposal,' the developers who boast extensive experience in Cosmos stacks aim to work with L1 teams to improve the IBC Hooks and Packet Forward Middleware (PFM) features.
This week witnessed a proliferation of global regulatory efforts as Nigeria lifts ban on crypto. Plus: Do Kwon, 3AC and Sam Bankman-Fried.
Another week ends with substantial advancements being made within the crypto realm as Bitcoin, Shiba Inu, Terra, and Bonk propel optimism within the broader market. Some of the top headlines of the week that garnered noteworthy attention among crypto market enthusiasts globally encompassed updates on Bitcoin, Shiba Inu, Terra, and Bonk.
Genuine Labs, a group of developers experienced in Cosmos stacks, offered a lending hand to the Terra Luna Classic community, which will potentially help in the revival of LUNC and USTC repeg. The developer team discovered a number of issues with Terra Classic and submitted a proposal for voting to address these issues.
Do Kwon will not be extradited to the USA or South Korea.
With many governance proposals related to updates, burn, staking, and others passed, some key Terra Luna Classic community members and validators believe it is imperative to bring back builders on the chain to revive LUNC and repeg USTC to $1. Tax2Gas — incorporating the tax into the gas and removing the need for separate handling
The realm of cryptocurrencies is currently witnessing a watershed moment as the U.S. Securities and Exchange Commission (SEC) squares off against Terraform Labs and its co-founder, Do Kwon. This high-stakes legal showdown has caught the attention of both crypto enthusiasts and industry observers, underscoring its significance in shaping the future of digital assets and their regulation.
The Terra Luna Classic community, VegasMorph, a prominent validator, has boldly proposed to stir up intense discussions. The suggestion involves burning a substantial amount of TerraClassicUSD (USTC) currently held in the community pool.
In the ever-evolving world of cryptocurrencies, Terra Luna Classic, a notable community member and validator named VegasMorph, has set tongues wagging with a groundbreaking proposal. The suggestion to burn a substantial 8 million TerraClassicUSD (USTC) from the community pool has sparked curiosity and debate within the Terra Luna Classic community.
Terraform Labs and the United States Securities and Exchange Commission (SEC) have agreed on a protective order in their ongoing civil case. U.S. District Court Judge Jed Rakoff, presiding over the case in the Southern District of New York, sanctioned this agreement on December 20.
The legal team of Terraform Labs and Do Kwon have agreed with the SEC on maintaining the confidentiality of certain documents in their trial.
The SEC charged Terraform Labs and its co-founder Do Kwon with allegedly “orchestrating a multi-billion dollar crypto asset securities fraud” in February.
The Terra Luna Classic community votes on another proposal to bring key changes in an effort to revive Terra Luna Classic. Some members of the Terra Luna Classic community pushed a proposal for voting to create an official community-led commonwealth platform.
Do Kwon, a key figure in Terraform Labs, finds himself amid a legal storm as the U.S. Securities and Exchange Commission (SEC) pursues legal action against both him and the company. Meanwhile, this legal drama has taken a new turn with a recent move by Judge Jed Rakoff in the Southern District of New York.
