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#MyFirstFeedPost #Write2Earn Hello, Binance Square! #LUNA and #lunaclasic will be around the corner big news !
why lunc price was skyrocket
The sudden upsurge witnessed in Terra Classic tokens in the last 48 hours is not the first time for the Terra ecosystem. The community-led Terra Luna Classic chain witnessed multiple revival efforts from introducing burning to inter-blockchain communication (IBC). LUNC price has skyrocketed by 60% in response to strategic investment and perpetual contract launch by Binance.
Terra Luna Classic (LUNC) Gains 60%
With multiple key proposals passed by the community and positive sentiment amid broader crypto market recovery, Luna Classic Labs purchased 25.6 million USTC worth about $500,000 as part of its treasury reserve policy at an average purchase price of $0.021 per USTC. Trader QT, a partner of Luna Classic Labs, stated this is an initial investment.
It resulted in a 100% jump in USTC price, with the community noting a breakout above resistance. USTC witnessed a further pump as investors also poured money into USTC. It triggered an upside move in the Terra Classic (LUNC), with traders noting a massive increase in liquidity and trading volumes.
Binance Futures launching the USD-M USTC Perpetual Contract with up to 50x leverage sparked further rally. USTC price climbed nearly 400% in two days. The announcement further raised community sentiment, while also speculating whether it was already known to some investors as the Terra ecosystem tokens witnessed sudden rallies.
LUNC price also jumped and made a 60% gain amid the events. The price is currently trading at $0.00011. The 24-hour low and high are $0.0000787 and $0.0001256, respectively. Furthermore, the trading volume has increased by 1120% in the last 24 hours, indicating interest among traders.
USTC price trades at $0.055, paring earlier gains to 191% in the past 24 hours. The 24-hour low and high are $0.015 and $0.068, respectively. The trading volume has also slid briefly after Binance’s USTC perpetual trading announcement. #LUNCPricePrediction #lunaclasic
The sudden upsurge witnessed in Terra Classic tokens in the last 48 hours is not the first time for the Terra ecosystem. The community-led Terra Luna Classic chain witnessed multiple revival efforts from introducing burning to inter-blockchain communication (IBC). LUNC price has skyrocketed by 60% in response to strategic investment and perpetual contract launch by Binance.
Terra Luna Classic (LUNC) Gains 60%
With multiple key proposals passed by the community and positive sentiment amid broader crypto market recovery, Luna Classic Labs purchased 25.6 million USTC worth about $500,000 as part of its treasury reserve policy at an average purchase price of $0.021 per USTC. Trader QT, a partner of Luna Classic Labs, stated this is an initial investment.
It resulted in a 100% jump in USTC price, with the community noting a breakout above resistance. USTC witnessed a further pump as investors also poured money into USTC. It triggered an upside move in the Terra Classic (LUNC), with traders noting a massive increase in liquidity and trading volumes.
Binance Futures launching the USD-M USTC Perpetual Contract with up to 50x leverage sparked further rally. USTC price climbed nearly 400% in two days. The announcement further raised community sentiment, while also speculating whether it was already known to some investors as the Terra ecosystem tokens witnessed sudden rallies.
LUNC price also jumped and made a 60% gain amid the events. The price is currently trading at $0.00011. The 24-hour low and high are $0.0000787 and $0.0001256, respectively. Furthermore, the trading volume has increased by 1120% in the last 24 hours, indicating interest among traders.
USTC price trades at $0.055, paring earlier gains to 191% in the past 24 hours. The 24-hour low and high are $0.015 and $0.068, respectively. The trading volume has also slid briefly after Binance’s USTC perpetual trading announcement. #LUNCPricePrediction #lunaclasic
Luna Classic Price Prediction: LUNC Prints Minor Gain as It Attempts to Break Resistance
The Luna Classic price rebounded from a positive medium-term trend line on its daily chart over the past few days, and is currently attempting to establish a position above the $0.00009990 mark. Should it establish a strong position above this key level in the next week, it may have the foundation needed to rise to $0.00014915 in the following few days.
On the other hand, the Luna Classic price getting rejected by the $0.00009990 price point in the upcoming days may put the altcoin at risk of dropping to the subsequent support level at $0.00007930. In an extremely bearish scenario, $LUNC could drop to as low as $0.00005995 if traders continue to exert sell pressure on the crypto’s price.
Technicals Show LUNC Has Entered a Positive Trend
Technical indicators on LUNC’s daily chart suggest that the Luna Classic price may continue to rise in the next 48 hours. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.
The MACD line recently crossed above the MACD Signal line. This specific technical flag may be a signal that the Luna Classic price has entered into a bullish cycle. In addition to this, the RSI is positioned above its Simple Moving Average (SMA) line, which could be a sign that buyers currently have the upper hand against sellers on LUNC’s daily chart.
#LUNC #lunaclasic
The Luna Classic price rebounded from a positive medium-term trend line on its daily chart over the past few days, and is currently attempting to establish a position above the $0.00009990 mark. Should it establish a strong position above this key level in the next week, it may have the foundation needed to rise to $0.00014915 in the following few days.
On the other hand, the Luna Classic price getting rejected by the $0.00009990 price point in the upcoming days may put the altcoin at risk of dropping to the subsequent support level at $0.00007930. In an extremely bearish scenario, $LUNC could drop to as low as $0.00005995 if traders continue to exert sell pressure on the crypto’s price.
Technicals Show LUNC Has Entered a Positive Trend
Technical indicators on LUNC’s daily chart suggest that the Luna Classic price may continue to rise in the next 48 hours. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.
The MACD line recently crossed above the MACD Signal line. This specific technical flag may be a signal that the Luna Classic price has entered into a bullish cycle. In addition to this, the RSI is positioned above its Simple Moving Average (SMA) line, which could be a sign that buyers currently have the upper hand against sellers on LUNC’s daily chart.
#LUNC #lunaclasic
Terra Luna Classic L1TF Approves Dyncomm; Community Rejects Validator Commission Proposal
Terra Luna Classic community has rejected a proposal to enforce a 5% minimum validator commission. The community remained divided on the voting decision as the proposal received 37% votes in favor and 51% votes in opposition. Meanwhile, dyncomm module for dynamic validator commissions is officially approved by the L1 team.
Terra Luna Classic Community Focus on Validators
Terra Luna Classic’s core developer L1TF has officially approved dyncomm module for dynamic validator commissions. Dyncomm will be tested on the rebel-2 testnet next week, expected around November 7.
Former L1TF developer Fragwuerdig will manage and lead the dynamic validator commissions development. After thorough testing, dyncomm will be rolled out to the columbus-5 mainnet.
Meanwhile, the community rejects Proposal 11853 “Enforce minimum 5% validator commission.” It aimed to implement a minimum validator commission of 5% as some validators still have are below the mandatory 5% commission. a failure of functional code preventing validators from breaking governance rules of a minimum 5% commission.
#lunaclasic #sol
Terra Luna Classic community has rejected a proposal to enforce a 5% minimum validator commission. The community remained divided on the voting decision as the proposal received 37% votes in favor and 51% votes in opposition. Meanwhile, dyncomm module for dynamic validator commissions is officially approved by the L1 team.
Terra Luna Classic Community Focus on Validators
Terra Luna Classic’s core developer L1TF has officially approved dyncomm module for dynamic validator commissions. Dyncomm will be tested on the rebel-2 testnet next week, expected around November 7.
Former L1TF developer Fragwuerdig will manage and lead the dynamic validator commissions development. After thorough testing, dyncomm will be rolled out to the columbus-5 mainnet.
Meanwhile, the community rejects Proposal 11853 “Enforce minimum 5% validator commission.” It aimed to implement a minimum validator commission of 5% as some validators still have are below the mandatory 5% commission. a failure of functional code preventing validators from breaking governance rules of a minimum 5% commission.
#lunaclasic #sol
#lunac #lunaclasic $1
Burn Activity and Market Sentiment
LUNC continues to experience significant burns, as detailed in the latest metrics from the community’s tracking dashboard. Today’s burn rate reached 15.79 million LUNC, which indicates robust daily burn activity.
Over the past week, the cumulative burn totaled 299 million LUNC, averaging approximately 42 million LUNC daily. The 30-day metrics are even more impressive, showing a massive 3 billion LUNC burned, averaging about 105 million LUNC daily. These figures highlight the community’s ongoing efforts to reduce the token’s supply, aiming to increase its scarcity and potential value.
Technical Indicators and Future Outlook
Terra Classic might soon regain its upward trajectory with the current market volatility. If bullish momentum drives the price beyond $0.000092, LUNC price could explore higher resistance at $0.0001. This escalation might even push the digital asset to achieve a value of $0.001.
Conversely, increased market doubts could force a pullback to the $0.000091 support. If the bearish trend persists, prices might drop further to $0.00009. Such a scenario would spell additional hurdles for Terra Classic’s recovery prospects.
The technical indicators for LUNC on the daily chart suggest mixed signals in recent trading sessions. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line (blue) trending below the signal line (orange).
The Chaikin Money Flow (CMF) is above the zero line, which suggests that buying pressure still exists.
Terra Classic Price Prediction|
The Average Directional Index (ADX) reading is at 26, indicating a relatively strong trend. The Relative Strength Index (RSI) stands at 36, hinting that the asset is approaching, but not yet in, the oversold territory.
Burn Activity and Market Sentiment
LUNC continues to experience significant burns, as detailed in the latest metrics from the community’s tracking dashboard. Today’s burn rate reached 15.79 million LUNC, which indicates robust daily burn activity.
Over the past week, the cumulative burn totaled 299 million LUNC, averaging approximately 42 million LUNC daily. The 30-day metrics are even more impressive, showing a massive 3 billion LUNC burned, averaging about 105 million LUNC daily. These figures highlight the community’s ongoing efforts to reduce the token’s supply, aiming to increase its scarcity and potential value.
Technical Indicators and Future Outlook
Terra Classic might soon regain its upward trajectory with the current market volatility. If bullish momentum drives the price beyond $0.000092, LUNC price could explore higher resistance at $0.0001. This escalation might even push the digital asset to achieve a value of $0.001.
Conversely, increased market doubts could force a pullback to the $0.000091 support. If the bearish trend persists, prices might drop further to $0.00009. Such a scenario would spell additional hurdles for Terra Classic’s recovery prospects.
The technical indicators for LUNC on the daily chart suggest mixed signals in recent trading sessions. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line (blue) trending below the signal line (orange).
The Chaikin Money Flow (CMF) is above the zero line, which suggests that buying pressure still exists.
Terra Classic Price Prediction|
The Average Directional Index (ADX) reading is at 26, indicating a relatively strong trend. The Relative Strength Index (RSI) stands at 36, hinting that the asset is approaching, but not yet in, the oversold territory.
#lunac #lunaclasic
Terra Classic To Implement Burn Tax Into Gas Fees
Proposal 12115 “Genuine Labs Tax2Gas Implementation” has passed in governance voting on Station wallet. The proposal by Genuine Labs aims to proceed with incorporating tax into the gas. The team will also work on increasing chain security by preventing attack vectors using e2e-test.
The proposal received 74.91% “Yes” and 25.03% “Abstain” votes. This indicates some community members were reluctant to accept the Tax2Gas implementation. Most validators who participated have voted in favor of the proposal. It received support from validators such as Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto, StakeBin, and others.
However, top Terra Luna Classic validator Allnodes voted “Abstain” and warned the community about the low level of discussions.
“We are abstaining as we acknowledge the community sentiment. It is important to note that we are not satisfied with the public communication and will consider voting NO on further proposals if we do not see an improvement.”
As CoinGape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
Genuine Labs developers require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.
Terra Classic To Implement Burn Tax Into Gas Fees
Proposal 12115 “Genuine Labs Tax2Gas Implementation” has passed in governance voting on Station wallet. The proposal by Genuine Labs aims to proceed with incorporating tax into the gas. The team will also work on increasing chain security by preventing attack vectors using e2e-test.
The proposal received 74.91% “Yes” and 25.03% “Abstain” votes. This indicates some community members were reluctant to accept the Tax2Gas implementation. Most validators who participated have voted in favor of the proposal. It received support from validators such as Interstellar Lounge, JESUSisLORD, Stakely, HappyCattyCrypto, StakeBin, and others.
However, top Terra Luna Classic validator Allnodes voted “Abstain” and warned the community about the low level of discussions.
“We are abstaining as we acknowledge the community sentiment. It is important to note that we are not satisfied with the public communication and will consider voting NO on further proposals if we do not see an improvement.”
As CoinGape reported earlier, Tax2Gas proposal is game-changing as it will resolve issues including contract developers’ need to calculate the burn tax manually. The issues are — clients or dApps have to calculate the tax themselves as the simulation endpoint only provides gas estimates. Migrating audited dApps becomes cumbersome due to these Classic-specific adjustments, leading to potential re-audits.
Genuine Labs developers require 5 weeks for research, development, and basic testing and deployment. The estimated total budget is $25,000 in LUNC.
Terra Luna Classic (LUNC) And USTC Prices Rising Today, Here’s Why
LUNC and USTC backed by the Terra Classic community showcased gains following 800 million USTC burn proposal and Fed announcement.The cryptocurrencies backed by the Terra Classic ecosystem, LUNC and USTC, recently amassed noteworthy attention among crypto market fanatics as the tokens showcased significant upward market trajectories on Thursday. Moreover, the rise in prices comes amid the proposal of burning of USTC, stirring speculations across the broader crypto market.Intriguingly, the price surge also comes amid a recent fed announcement, boosting traders’ confidence.However, in contrast to the price drop witnessed by the Terra Classic-backed tokens in recent days, the announcement of unchanged interest rates accompanied by a colossal burn proposal appears to have jacked up the LUNC and USTC prices.Why The Price Upswing?The price upswing witnessed by USTC is primarily attributed to the recent proposal of burning 800 million USTC tokens via Lunanauts, Terra Classic Luna validators. This comes as an effort by the Terra community to build further support for their token, as the price dropped significantly recently.In addition, another chronicle appears to have bolstered the price pump witnessed by the Terra Classic tokens.Amid the U.S. Federal Reserve’s recent announcement of unchanged interest rates for the three times consecutively, traders’ and investors’ confidence in the crypto market appears to have skyrocketed. Concerning this, the LUNC price and the USTC price seem to have soared today.LUNC and USTC Price AnalysisAs of writing, the LUNC price noted a jump of 3% over the past day, currently trading at $0.0001741. However, the token seems to have amassed bearish sentiments following its price-down surge over the past week. In contrast to the past week’s fall, the token’s surge today appears to have caught the eyes of crypto traders globally.Moreover, even the USTC price recorded a marginal jump of 0.53% in the past 24 hours, currently resting at $0.03967. Concurrent with the LUNC’s price drop over the past week, the USTC price also appears to have mirrored the fall, down swinging 12% over the past week.Besides, the price soar witnessed by the tokens today comes primarily in alignment with the recent USTC burning chronicle escorted by the Federal Reserve’s announcement.#LUNA+4.07% #LUNA+4.07% #LUNA2/USDT #Lunaticstoken #LUNA2USDT #lunaclasic
#lunaclasic #lunac
LUNC and USTC to $1
LUNC developer groups, validators, and the community are actively supporting the LUNC revival to $1 and USTC repeg to $1.Meanwhile, developers are looking Terra Luna Classic proposal to implement Tax2Gas and remove the need for separating handling and calculation of tax. Tax2Gas will incorporate the tax into the gas and decrease complexities for dApp developers, as per a proposal by StrathCole and Genuine Labs.LUNC price jumped 0.21% in the last 24 hours, with the price currently trading at $0.00097. The 24-hour low and high are $0.0000918 and $0.00009709, respectively. Moreover, trading volume decreased by 12% in the last 24 hours.Meanwhile, USTC price also climbed 0.5%, with the price now trading at $0.0183. The 24-hour trading volume saw a 22% rise in the last 24 hours as traders bought the dip.
LUNC and USTC to $1
LUNC developer groups, validators, and the community are actively supporting the LUNC revival to $1 and USTC repeg to $1.Meanwhile, developers are looking Terra Luna Classic proposal to implement Tax2Gas and remove the need for separating handling and calculation of tax. Tax2Gas will incorporate the tax into the gas and decrease complexities for dApp developers, as per a proposal by StrathCole and Genuine Labs.LUNC price jumped 0.21% in the last 24 hours, with the price currently trading at $0.00097. The 24-hour low and high are $0.0000918 and $0.00009709, respectively. Moreover, trading volume decreased by 12% in the last 24 hours.Meanwhile, USTC price also climbed 0.5%, with the price now trading at $0.0183. The 24-hour trading volume saw a 22% rise in the last 24 hours as traders bought the dip.
#lunaclasic
LUNC and USTC Prices Hitting Resistance
Terra Classic ecosystem tokens hitting resistance levels to gain upside momentum, but fail to break the levels amid uncertainty in the crypto market.
LUNC price jumped 2% in the last 24 hours but gave up most gains once again. The price currently trades at $0.00009079, with a 24-hour low and high of $0.00008877 and $0.00009432, respectively. Moreover, trading volume decreased by 45% in the last 24 hours, indicating a lack of interest among traders.
Futures traders are mainly moving LUNC prices, as per CoinGlass data. The total LUNC futures open interest jumped over 4% in the last 24 hours, but traders sold LUNC in the last few hours.
Meanwhile, USTC price also fell more than 1%, with the price currently changing hands at $0.01847. The 24-hour trading volume saw a 63% drop in the last 24 hours as traders failed to hold the recovery. USTC hit a 24-hour high of $0.01972.
LUNC and USTC Prices Hitting Resistance
Terra Classic ecosystem tokens hitting resistance levels to gain upside momentum, but fail to break the levels amid uncertainty in the crypto market.
LUNC price jumped 2% in the last 24 hours but gave up most gains once again. The price currently trades at $0.00009079, with a 24-hour low and high of $0.00008877 and $0.00009432, respectively. Moreover, trading volume decreased by 45% in the last 24 hours, indicating a lack of interest among traders.
Futures traders are mainly moving LUNC prices, as per CoinGlass data. The total LUNC futures open interest jumped over 4% in the last 24 hours, but traders sold LUNC in the last few hours.
Meanwhile, USTC price also fell more than 1%, with the price currently changing hands at $0.01847. The 24-hour trading volume saw a 63% drop in the last 24 hours as traders failed to hold the recovery. USTC hit a 24-hour high of $0.01972.
A Closer Look at the LUNC Circulating Supply Adjustment
In the ever-evolving world of cryptocurrency, adaptability is the name of the game. Recently, a proposal has surfaced that promises to make a significant adjustment to the circulating supply of LUNC, a move that could have far-reaching implications for both the token and its community. This proposal is not just about change; it's about adaptation, innovation, and the pursuit of stability in a dynamic ecosystem.
luna info coinmarketcap
The Unveiling of a Bold Proposition
The core objective of this proposal is crystal clear: to reduce the circulating supply of LUNC to a 1,000:1 ratio. But this isn't a short-term change; it's a deliberate, calculated move aimed at ensuring stability until a specific milestone is reached – the re-pegging of USTC. This dynamic adjustment will touch upon not only the circulating supply but also the treatment of staked LUNC tokens, adding a layer of complexity to the equation.
Diving Deeper: Objectives and Solutions
To better grasp the significance of this proposal, let's dissect its objectives and the solutions it brings to the table:
Objective 1: Circulating Supply Adjustment
The foremost goal of this proposal is to bring about a substantial reduction in the circulating supply of LUNC, a move that could potentially alter the token's market dynamics.
Objective 2: Temporary Adjustment Until USTC Re-Pegging
This adjustment is not intended to be a permanent fixture but rather a safeguard against market fluctuations. It will remain in effect until USTC, the Universal Standard Token for Computation, is successfully re-pegged.
Objective 3: Staked LUNC Handling
This aspect of the proposal provides clarity on how staked LUNC tokens will be managed during and after the adjustment period:
During the initial 21-day staking period, staked LUNC tokens will be untouched.
If the re-pegging of USTC is achieved within this period, staked LUNC tokens will remain unaffected.
However, if USTC re-pegging is not successfully accomplished, staked LUNC tokens will be included in the circulating supply at the reduced ratio of 1,000:1.
Anticipated Impact and Contributions
This proposal carries the potential to reshape the LUNC landscape in several significant ways:
1. Circulating Supply Reduction
By drastically reducing the circulating supply of LUNC, this adjustment could introduce a new era of scarcity, thereby potentially influencing its market value and dynamics.
2. Support for USTC Re-Pegging
The adjustment serves as a powerful incentive for the successful re-pegging of USTC, a crucial milestone in ensuring the stability and reliability of the LUNC ecosystem.
3. Clarity in Staked LUNC Handling
Users and stakeholders will benefit from a clear and structured plan for the handling of staked LUNC tokens, mitigating uncertainty during this transitional period.
Conclusion: Paving the Way Forward
In conclusion, the proposed adjustment to the LUNC circulating supply is not just a change; it's a strategic maneuver designed to align with the re-pegging efforts surrounding USTC. This move embodies the spirit of adaptability and innovation that characterizes the world of cryptocurrency. As the crypto community watches closely, the proposal's success could mark a significant milestone on the path to unlocking a more stable and dynamic future for LUNC and its ecosystem. Stay tuned for the unfolding developments in this exciting journey.
$LUNC $LUNA
#luna #terraluna #lunaclasic
luna info coinmarketcap
The Unveiling of a Bold Proposition
The core objective of this proposal is crystal clear: to reduce the circulating supply of LUNC to a 1,000:1 ratio. But this isn't a short-term change; it's a deliberate, calculated move aimed at ensuring stability until a specific milestone is reached – the re-pegging of USTC. This dynamic adjustment will touch upon not only the circulating supply but also the treatment of staked LUNC tokens, adding a layer of complexity to the equation.
Diving Deeper: Objectives and Solutions
To better grasp the significance of this proposal, let's dissect its objectives and the solutions it brings to the table:
Objective 1: Circulating Supply Adjustment
The foremost goal of this proposal is to bring about a substantial reduction in the circulating supply of LUNC, a move that could potentially alter the token's market dynamics.
Objective 2: Temporary Adjustment Until USTC Re-Pegging
This adjustment is not intended to be a permanent fixture but rather a safeguard against market fluctuations. It will remain in effect until USTC, the Universal Standard Token for Computation, is successfully re-pegged.
Objective 3: Staked LUNC Handling
This aspect of the proposal provides clarity on how staked LUNC tokens will be managed during and after the adjustment period:
During the initial 21-day staking period, staked LUNC tokens will be untouched.
If the re-pegging of USTC is achieved within this period, staked LUNC tokens will remain unaffected.
However, if USTC re-pegging is not successfully accomplished, staked LUNC tokens will be included in the circulating supply at the reduced ratio of 1,000:1.
Anticipated Impact and Contributions
This proposal carries the potential to reshape the LUNC landscape in several significant ways:
1. Circulating Supply Reduction
By drastically reducing the circulating supply of LUNC, this adjustment could introduce a new era of scarcity, thereby potentially influencing its market value and dynamics.
2. Support for USTC Re-Pegging
The adjustment serves as a powerful incentive for the successful re-pegging of USTC, a crucial milestone in ensuring the stability and reliability of the LUNC ecosystem.
3. Clarity in Staked LUNC Handling
Users and stakeholders will benefit from a clear and structured plan for the handling of staked LUNC tokens, mitigating uncertainty during this transitional period.
Conclusion: Paving the Way Forward
In conclusion, the proposed adjustment to the LUNC circulating supply is not just a change; it's a strategic maneuver designed to align with the re-pegging efforts surrounding USTC. This move embodies the spirit of adaptability and innovation that characterizes the world of cryptocurrency. As the crypto community watches closely, the proposal's success could mark a significant milestone on the path to unlocking a more stable and dynamic future for LUNC and its ecosystem. Stay tuned for the unfolding developments in this exciting journey.
$LUNC $LUNA
#luna #terraluna #lunaclasic
SEC seeks summary judgment in Do Kwon and Terraform Labs case #lunaclasic #LUNA2
The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra (LUNA) tokens as securities.
The United States Securities and Exchange Commission (SEC) has refuted the jury’s conclusion regarding Terraform Labs’ alleged violations and has demanded a summary judgment on all the claims.
A court filing from Oct. 27 showed the SEC’s reluctance to accept the jury’s leniency toward Do Kwon and his involvement in facilitating the frauds that eventually led to the collapse of the Terra ecosystem. The filing in the U.S. District Court for the Southern District of New York read:
“No rational jury could conclude that Kwon was not liable for Terraform’s violations of Exchange Act Section 10(b) and Rule 10b-5 thereunder pursuant to Exchange Act Section 20(a).”
The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra
LUNA tokens as securities.
SEC seeks summary judgment in Kwon and Terraform Labs case. Source: CourtListener
On the same day, Kwon and Terraform Labs asked the judge to toss the SEC’s lawsuit, arguing that Terra Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR) and its mirrored assets (mAssets) are not securities as the SEC alleged.
However, the SEC maintains that Kwon and Terraform Labs offered and sold securities, sold LUNA and MIR in unregistered transactions, engaged in transactions involving mAssets and committed fraud.
The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra (LUNA) tokens as securities.
The United States Securities and Exchange Commission (SEC) has refuted the jury’s conclusion regarding Terraform Labs’ alleged violations and has demanded a summary judgment on all the claims.
A court filing from Oct. 27 showed the SEC’s reluctance to accept the jury’s leniency toward Do Kwon and his involvement in facilitating the frauds that eventually led to the collapse of the Terra ecosystem. The filing in the U.S. District Court for the Southern District of New York read:
“No rational jury could conclude that Kwon was not liable for Terraform’s violations of Exchange Act Section 10(b) and Rule 10b-5 thereunder pursuant to Exchange Act Section 20(a).”
The “evidence” of violations provided by the SEC points to Kwon’s involvement in misleading crypto investors by creating and marketing Terra and its in-house Terra
LUNA tokens as securities.
SEC seeks summary judgment in Kwon and Terraform Labs case. Source: CourtListener
On the same day, Kwon and Terraform Labs asked the judge to toss the SEC’s lawsuit, arguing that Terra Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR) and its mirrored assets (mAssets) are not securities as the SEC alleged.
However, the SEC maintains that Kwon and Terraform Labs offered and sold securities, sold LUNA and MIR in unregistered transactions, engaged in transactions involving mAssets and committed fraud.
