Terra ($LUNA and $LUNC ) Surges Following Do Kwon’s SEC Settlement
Big News for the Terra Community
In a significant turn of events, Terra’s native cryptocurrencies, LUNA and LUNC, have experienced a surge in value after founder Do Kwon and Terraform Labs reached a tentative settlement with the U.S. Securities and Exchange Commission (SEC) in their civil fraud case.
What’s Happening?
LUNA: The LUNA token has seen an impressive 16.3% increase in the last 24 hours, now trading at $0.69.
LUNC: Similarly, LUNC has risen by 9.5% over the past day, currently trading at $0.0001215.
The sudden spike in prices can be directly attributed to the breaking news that Terraform Labs and Do Kwon have come to an agreement with the SEC. While the details of the settlement are still being finalized, court documents indicate a deadline of June 12 for completion.
Background and Context
In April, a New York jury found Do Kwon and Terraform Labs liable for civil fraud. The SEC’s claims centered around investors being misled regarding TerraUSD (UST), Terra’s stablecoin. The fallout from the May 2022 collapse of TerraUSD and the LUNA governance token resulted in staggering losses of over $40 billion and a prolonged “crypto winter.”
Despite this positive development, Do Kwon’s legal challenges are far from over:
Criminal Fraud Charges: The U.S. Department of Justice continues to pursue criminal fraud charges against him.
South Korean Legal Troubles: In South Korea, Do Kwon faces charges related to fraud, bribery, and market manipulation.
International Tug-of-War: Following his arrest in Montenegro in December 2023 for using a false passport, both the U.S. and South Korea are competing for his extradition.
The Terra community is closely watching these developments, and the crypto world awaits further updates on this high-stakes legal saga.