🚨 𝗕𝗿𝗲𝗮𝗸𝗶𝗻𝗴: 𝗦𝗘𝗖 𝗥𝗲𝗳𝘂𝘀𝗲𝘀 𝘁𝗼 𝗕𝗮𝗰𝗸 𝗗𝗼𝘄𝗻 𝗶𝗻 𝗟𝗮𝘄𝘀𝘂𝗶𝘁 𝗔𝗴𝗮𝗶𝗻𝘀𝘁 𝗧𝗲𝗿𝗿𝗮 𝗮𝗻𝗱 𝗗𝗼 𝗞𝘄𝗼𝗻! 🚨
In a legal saga that keeps the crypto world on edge, the SEC stands firm, refusing to let Terra and Do Kwon off the hook. 🏛️💼 Allegations of fraud and securities violations are at the forefront, with the SEC claiming a staggering $45 billion in investor losses.
📅 Timeline Recap:
- February: SEC files lawsuit against TerraLabs and Do Kwon.
- November 7th: SEC counters Terraform Labs' motions, filing seven new charges in the Southern District of New York.
💢 SEC's Unyielding Stance:
The SEC vehemently calls for the dismissal of all requests by Terra and Do Kwon, doubling down on the alleged violations. They've even sought summary judgment, presenting undeniable evidence to support their claims.
📜 Allegations Include:
- Development of the Terra blockchain as securities.
- Promotion of digital assets as securities.
- Participation in public offerings like LUNA, WLUNA, and UST.
- Fraudulent offering of LUNA and MIR on public trading platforms.
- Misleading investors with false information on Chai.
- Alleged de-pegging events in 2021 and 2022.
💹 Impact on Terra's Ecosystem:
The cryptocurrency market witnesses a ripple effect as the Terra ecosystem grapples with the legal battle. Despite a 6% weekly increase for Terra (LUNA), uncertainty prevails, influencing prices and testing community resilience.
📊 Current Market Snapshot:
- Terra (LUNA): 6% weekly increase, 1% rise in the last 24 hours, trading at $0.474.
- USTC: Trading close to resistance at $0.012.
- Terra Classic (LUNC): Holding at $0.000070.
🔍 Watch This Space:
As the courtroom drama unfolds, the crypto community holds its breath, anticipating the outcome of this high-stakes legal clash. Stay tuned for updates!🍿⚖️
$LUNC #SECLawsuit #LUNC