The Community Will Take Over LUNA Altcoins with Terra's 4.4 Billion Dollar Deal!
The community can take over the control of altcoins after the US Securities and Exchange Commission (SEC) reaches an agreement with Terra (LUNA).
According to the news emerging today, it was decided that Terraform Labs defrauded investors of approximately 40 billion dollars as TerraUSD and Luna tokens crashed in 2022. According to the decision, Terraform will have to transfer $4.05 billion in benefits and pay a $420 million fine.
Upon these developments, Chris Amani, CEO of Terraform Labs, the developer of the Terra blockchain, made a statement on Twitter and asked the community to take control as the company plans to terminate its activities. According to Amani's statements, Terraform Pulsar Finance is considering selling all projects in the ecosystem, including Station Wallet and Enterprise DAO.
Pointing out that Terraform Labs is coming to an end, the CEO said that they will terminate the activities completely.
All LUNA Coins Will Be Burned
Amani also said that Terraform is planning a community vote to burn its native token, LUNA, and made the following statements:
Everything left in our wallets will be burned by Terraform Labs.
Saying that Terra and Terra Classic blockchains can continue under the control of the community, Amani used the following sentences:
The community will need to take over ownership of blockchains.