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Terraform Labs (TFL) has executed a large-scale token burn of 251 billion Terra Luna Classic (LUNC) and 264 million TerraClassicUSD (USTC) tokens from circulation. The burn was part of a settlement with the U.S. Securities and Exchange Commission (SEC) that required TFL to dispose of specific assets held in its Shuttle Bridge wallets.
The world's largest crypto exchange Binance has burned 1.14 Terra Luna Classic tokens in the 26th batch of LUNC burn mechanism. This move has sparked optimism, as evidenced by the surge of over 10% in LUNC and USTC prices.
Will these grandiose USTC burns linked to TFL bankruptcy have a long-lasting impact on Terra Luna Classic's chain?
LUNC News: The Terra Luna Classic community has recently initiated a USTC burn proposal, which has gained notable traction from the market participants. This initiative follows TerraForm Labs' recent move to wind down its operations and burn remaining assets, which has noted significant attention from the community members.
LUNC News: Over 726 million USTC were burned after the Terra Luna Classic community approved proposal 12135 to burn tokens in Anchor Protocol via contract migration. With Terraform Labs (TFL) cleared to wind down operations by a US bankruptcy court, the community expects billions of LUNC and USTC burns from related projects.
Terra Luna Classic popular member and validator Vegas Morph has unveiled a proposal to repeg USTC to $1. This sparked bullish sentiment in the community, with LUNC price gaining further upside momentum after rising 15% in a week.
Terra Luna Classic community awaits massive USTC and LUNC burn by Terraform Labs (TFL) as per the Chapter 11 bankruptcy and court order in the U.S. SEC case. While the actual amount of Terra ecosystem tokens to be burned remains uncertain, Terra Classic members claim it's over 1 billion USTC and 275 billion LUNC tokens.
Terra Luna Classic is taking steps to bring USTC back to its original value. Find out how they're working on this important update
LUNC News: Terra Luna Classic community started discussions on seeking a flawless repeg system for USTC algorithmic stablecoin. The community thinks it's time to get serious on LUNC revival and USTC repeg.
Crypto analyst Javon Marks has again provided a bullish narrative for Terra Classic USD (USTC). This time, the analyst predicted that the ‘stablecoin' could rise by over 360% and revealed when this parabolic run would happen.
TerraForm Labs sets a crypto loss claims bar date in a quest to gradually reimburse downtrodden investors.
Terra Classic price flashed a bullish signal on the daily time frame chart as USTC stablecoin gains a new utility in the Cosmos blockchain. USTC will serve as collateral for the CDT token by Membrane.
Terraform Labs announces important updates for the Terra community for filing their crypto loss claims. Any person or entity that believes they have a crypto loss claim against the debtors can file claims for Chapter 11 Bankruptcy voting purposes.
Terraform Labs announced on its official X account that the deadline for filing claims in TFL and TLL's Chapter 11 bankruptcy lawsuits is August 10 at 09:00 UTC. The business advised Terraform Lab's claimants to submit their paperwork by this date.
Terraform Labs, the firm behind Terra Classic (LUNC), has made a significant announcement regarding their Chapter 11 bankruptcy cases. The General Bar Date for filing claims has been set for August 9, 2024, at 5:00 p.m.
Terra Luna Classic community expressed positive sentiment as LUNC staking ratio approaches near all-time high of 15.16%, a new milestone for the community-led chain. The move comes as total LUNC staked jumps to 1.025 trillion amid massive delegations to validators.
USTC has shown notable price movements of late. From an abrupt drop earlier in the year to an optimistic current return, both experts and investors find appeal in the digital asset.
LUNC News: Terra Luna Classic community gets a major contribution from the world's largest crypto exchange Binance in LUNC burn campaign to reduce the supply. However, a post by a community associate at the crypto exchange sparked a buzz in the community indicating that the exchange also assists in the USTC revival plan.
Anchor bLuna rewards and Lido rewards dispatcher contracts would be used to burn 12B LUNC. The intended burn of these tokens will shortly be put to a vote by the governance.
Terra Luna Classic community to burn 12 billion in LUNC and 68 million USTC in contracts including Lido DAO rewards dispatcher, removing them completely from supply. The move comes as the community started removing LUNC and USTC from circulating circulating supply for revival and repeg to $1.
LUNC News: Terra Luna Classic community members seek 200 million USTC from Coinbase and Pantera Capital-backed Karak Network, claiming Karak co-founder Raouf Ben-Har has stolen the crypto asset worth millions. Meanwhile, the community has made significant efforts to remove 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from circulating
Terra Luna Classic saw over 6.5 billion LUNC burned in the last 24 hours as large wallets are selling LUNC tokens, raising concerns in the community. The move comes after Terraform Labs CEO Chris Amani confirmed yesterday to burn LUNC and USTC they hold in their TFL and LFG wallets.
Terra Classic community seeks ways and prepares to burn billions of USTC and LUNC sitting idle in the wallets linked to Terraform Labs (TFL). The move comes as TFL announced that it would burn tokens in the wallets, sparking bullish speculation for USTC price.
The Thai branch of Binance gets the ball rolling on a campaign that aims to bring LUNC back to life.
