Terraform Labs and Do Kwon's attorneys are preparing to make closing arguments in a civil fraud trial, causing a 5% drop in the #LUNC price.
Final arguments will be presented to a jury on Friday by Terraform Labs and attorneys representing founder Do Kwon.
The SEC has requested a prohibition on Do Kwon and Terraform Labs from the US securities market in addition to seeking civil fines.
The price of Terra Classic $LUNC has decreased by over 5%.
As attorneys for Terraform Labs and its creator, Do Kwon, prepare to make closing arguments in a civil action, the price of Terra Classic (LUNC) falls on Friday. The corporation and its creator, Kwon, are facing fraud allegations filed by the SEC, which claims that they deceived investors about the safety of its stablecoin, TerraUSD.
Legal action is imminent as LUNC holders prepare for the lawsuit.
Following the demise of its sibling tokens, UST and LUNA, the original Terra chain's token, LUNC, was rechristened Terra Classic. Even if the stablecoin failed, the Terra Classic token's blockchain and community are still active.
The SEC has accused #Terraform Labs and Do Kwon of deceiving investors and engaging in fraud; their lawyers are fighting back. A jury will hear the closing statements from the attorneys.
Both the founder and the business have been asked to be banned from the US securities sector by the SEC, who is also pursuing civil fines. Since the founder of Terraform Labs is now awaiting extradition in Montenegro, it is believed that Do Kwon will not be present at the trial.
Holdings of LUNC are seeing a 5% decline, hovering at $0.0001330, as the trial's court hearings are anticipated. During the previous week, the asset lost roughly 17% of its value.
On April 1, #Binance destroyed more than 4 billion LUNC tokens. There was no increase in the price of LUNC due to the fire.
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