Terra Luna Classic Price Plunges Post SEC’s $4.47 Billion Fine! Recovery on the Charts?
The #TerraLunaClassic ($LUNC ) community has faced significant challenges since the market turmoil of 2022, which saw a massive $30 billion loss in a single week. Despite efforts to rebrand and refresh products, the ecosystem of UST logarithmic stablecoins within Terra Luna has struggled to recover.
There are concerns about Do Kwon’s leadership, especially regarding customer protection measures. The landscape has seen the rise of new blockchains and web3 projects that prioritize stronger security measures.
Here’s everything you should know. Dive right in.
Understanding the Settlement
According to US SEC filings, Terraform Labs and #DoKwon agreed to pay a lump sum of $4.47 billion in fines after reaching a settlement with the agency. In addition to the fines, Kwon is expected to pay about $204 million to ensure the Terraform investors are reimbursed in the ongoing bankruptcy proceedings.
Moreover, Kwon is barred from holding any leadership role, and #Terraform Labs cannot engage in crypto trading activities.
