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While the leading Cryptocurrency, Bitcoin has traded majorly sideways for over a year, several altcoins have witnessed indecisiveness in their decent price behavior. However, despite this turbulence, the LUNC price has managed a sustained relief rally under the influence of the ascending trendline.
In a significant development, the Terra Classic community has chosen to end the minting and reminting of Terra Classic USD (USTC) tokens, marking a pivotal moment more than a year
TerraUSD Classic's (CRYPTO: UST) minting will cease after a community vote on the stablecoin's governance forum. This led to a 59% vote of approval to stop all USTC mining, while 40% opposed it.
The ongoing legal drama between blockchain companies and regulatory authorities has entered a new phase, as the Securities and Exchange Commission (SEC) initiates a strong legal move against Terraform Labs PTE LTD and its leader, Do Hyeong Kwon. In a recent filing with the United States District Court in the Southern District of New York, the SEC has expressed its intent to either depose Kwon, who is currently in Montenegro, or prevent the defendants from using a declaration from Kwon in their summary judgment.
In the ever-evolving world of cryptocurrencies, Terra Classic (LUNC) has been capturing the attention of enthusiasts and investors alike over the past year. However, recent signals on the price charts have left many questioning their confidence.
In the realm of content creation, three essential elements come into play: “complexity,” “variability,” and “unpredictability.
Over 55% of voters supported the proposal that included the impossibility of minting and reminting of USTC without the approval of the Terra Classic community.
TerraUSD Classic, the stablecoin at the center of Terra's implosion, will no longer be minted.
The Terra Luna Classic (LUNC) community has voted overwhelmingly, with nearly 60% in favor, to cease the minting and reminting of Terra Classic UST (USTC) tokens. The drastic decision, in a decisive move aimed at rescuing the beleaguered Terra Classic stablecoin, comes in the wake of Terra's collapse in May 2022, which had sent shockwaves through the crypto market, leaving USTC's value in shambles.
Dark Clouds have always encircled the terra community, and minting is not new in the ecosystem. Recently, in response to the UST de-pegging crisis, the Terra Classic community has taken a crucial step to salvage the struggling Terra Classic UST tokens.
About 59% of voters were in favor of the move, which comes more than a year after the original Terra Luna collapsed.
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.
