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To restore the USTC peg to the dollar, members of the Terra classic community will stop minting and re-minting the stablecoin.

In a twist of events that spans international borders, the U.S. Securities and Exchange Commission (SEC) is pursuing the deposition of Terraform Labs co-founder Do Kwon in its ongoing lawsuit, all while Kwon finds himself imprisoned in Montenegro on passport fraud allegations. This legal tangle raises questions about Kwon's potential extradition and the SEC's tactics.

The Terra Classic community has made the decision to halt all activities related to the minting and reminting of TerraUSD Classic (USTC) with the aim of reestablishing a stable peg to the actual US dollar. The communitys primary goal is to restore USTCs peg to the US dollar, which became disconnected in a significant incident in May 2022.

Following a decisive vote by the Terra Classic community, an initiative to halt the creation of the previously termed stablecoin, terra usd (commonly referred to as UST or USTC), has been approved. Despite 40.56% opposition, 59.42% of the vote gave the nod for the software update.

The Terra Classic community has voted to stop the minting and reminting of Terra Classic UST tokens, hoping this will help the failed stablecoin regain its value.

For over a month, the LUNC price correction trend has exhibited a consistent decline in the daily chart. This trajectory is framed by two parallel trend lines, which have acted as dynamic support and resistance.

In a recent development, the Terra Classic (LUNC) community has voted to cease all minting and reminting of Terra Classic USD (USTC), the algorithmic stablecoin formerly known as UST. This move comes after a tumultuous period that saw the Terra ecosystem's value plummet from $45 billion.

In a significant move aimed at restoring stability, the Terra Classic community has voted to halt all minting and reminting activities associated with TerraUSD Classic (USTC). This decision comes as part of a broader effort to reestablish a stable peg between USTC and the United States dollar.

The SEC has filed a motion in the United States District Court for the Southern District of New York against Terraform Labs and Do Hyeong Kwon. The commission is seeking the court's permission to notice a deposition from Kwon or to preclude the defendants from using a declaration from him.

The Terra Classic community has decided to stop making and remaking TerraUSD Classic (USTC) tokens. They did this to make sure that USTC's value stays stable and equal to the U.S. dollar.

The community strongly supports discontinuing TerraClassicUSD (USTC) minting and reminting, actively engaging in USTC burning to restore its peg against the US dollar.

The algorithmic element core to the stablecoin that led to the $45 billion collapse of the Terra ecosystem in 2022 has been turned off.

The vast majority of Terra Classic members vote to put an end to $USTC minting.

The U.S. Securities and Exchange Commission (SEC) has taken a significant step in the ongoing Terra lawsuit, filing a motion that calls for the court to allow the testimony of defendant Do Kwon.

In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against Terraform Labs and co-founder Do Kwon, the SEC seeks deposition from Kwon. Meanwhile, Do Kwon remains in prison in Montenegro until the end of the year for passport fraud allegations, with extradition proceedings yet to begin.

Supporters say the current developer team, L1 Task Force, needs more expertise to fix the chain. Astroport Classic's issues have highlighted this need, as it's a critical source of on-chain liquidity.

The top cryptocurrencies continue their struggle to stabilize their prices. The market continues to experience constant turbulence in its value. September has turned out to be the most volatile month of the year. Since the start of the month, the LUNC's price has experienced constant price volatility.

In a stunning turn of events, Terra Luna Classic (LUNC) has witnessed an astonishing price surge of over 10% in the last 24 hours, leaving both its community and the broader crypto market in awe. This unprecedented rally comes as a surprise, given the recent lackluster performance of LUNC and its counterpart, USTC, despite significant proposals and a chain update.

In the past day, Terra Luna Classic experienced a significant uptick, breaking through key resistance barriers, sparking hope for a potential bullish surge. While LUNC claimed the title of ‘top gainer' today, it's now struggling with maintaining its upward momentum due to unfavorable on-chain signals.

Despite the overall downward pressure in the crypto market, the Terra Classic coin's price has been on the rise. It has seen four days of consecutive gains, totaling a 15% increase.

Defying the broader market supply pressure in the crypto market, the Terra Classic coin price continues on a recovery path. The coin price rising for four consecutive days has recorded a 15% gain and pierced the upper resistance of the channel pattern.

Late Thursday, the price of Terra Luna Classic (LUNC) experienced an unexpected increase, surging by more than 10% within the last 24 hours. This sudden movement came as a surprise to the Terra Luna Classic community, given that both LUNC and USTC prices had struggled to gain upward momentum despite recent important proposals and a chain update.

With the digital currency ecosystem undergoing a seismic shift in times of price volatility, Terra Classic (LUNC) has positioned itself as one of the biggest beneficiaries on the market today. At the time of writing, the altcoin is up by more than 10% over the past 24 hours, pushing its price to $0.00006155, according to CoinMarketCap's data.

This decision also creates an opportunity for entities like Binance to burn USTC, as the minting and reminting process has been terminated. Terra Luna Classic to Halt USTC Minting and Reminting Terra Luna Classic's community has given the green light to Proposal 11784, which puts a stop to the minting and reminting of USTC stablecoin.