The Terra Classic community has reached out to Terraform Labs CEO Chris Amani and eToro for an explanation regarding the removal of LUNC from their platform. This action has been taken following reports that eToro's users are encountering difficulties in trading LUNC, attributed to recent developments in the bankruptcy proceedings of Terraform Labs. The community alleges that after the 2022 Terra-Luna Crisis, Do Kwon and Terraform Labs severed their connection with Terra Classic, subsequently abandoning support for the decentralized network.
Concerns Surrounding Terra Classic's Removal of LUNC
The social investment network eToro has placed tokens from Terraform Labs in a "close-only" status, affecting 78,000 LUNC holders who are unable to purchase LUNC through eToro. This is in response to the latest updates regarding the Terraform Labs chapter 11 bankruptcy situation. The platform has stopped all operations related to the tokens issued by Terraform Labs, following the news that the company in financial distress also possesses LUNC.. This situation has sparked worries within the community, as it could lead to the delisting of LUNC by other crypto exchanges. The community is seeking clarification from Terra CEO Chris Amani and eToro regarding the reason behind the delisting of LUNC in light of the Terraform Labs chapter 11 bankruptcy.
Support from Validators and Community Figures
Validators and well-known members of the community, such as VegasMorph and Mr. Diamondhandz, have stated that the management of the Terra Classic chain is in the hands of the community. This is the sole decentralized chain following TFL's decision to cut ties with the chain, as confirmed by Do Kwon and TFL. The community is responsible for the management of infrastructure, updates, maintenance, and other aspects through governance voting.
Despite these concerns, the prices of the Terra Classic ecosystem have remained stable.Terraform Labs is set to reopen Shuttle Bridge for the redemption of encumbered assets on Terra Classic and will consume 150 million LUNA in the process. However, there is still uncertainty regarding the burn of LUNC and USTC.
The price of LUNC has seen a 2% increase in the last 24 hours, currently trading at $0.00008699. The lowest and highest prices recorded in the last 24 hours are $0.00008276 and $0.0000884, respectively.Nonetheless, the amount of trading has fallen by 12% over the past day.
Meanwhile, the price of USTC has risen by 5%, with it now surpassing $0.020. The lowest and highest prices recorded in the last 24 hours are $0.01874 and $0.02077, respectively. The trading volume has seen a 66% increase over the last day following the announcement of the opening of TFL's crypto loss claims.
