Terra, or LUNA, experiences a significant 42% surge while its parent company, TFL, faces legal troubles tied to bankruptcy. Amidst a dispute with the SEC, responsible for securities regulation, uncertainty clouds Terra’s recent gains.
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Terra (LUNA) experiences a notable 42% surge amid its legal battle with the SEC. Terraform Labs is defending its legal stance against SEC objections in bankruptcy proceedings, raising uncertainty about its future. The cryptocurrency community keenly watches the outcome of this dispute.

Terra (LUNA) Surges Amid Legal Turmoil
Amidst a turbulent legal landscape, Terra (LUNA) experiences a remarkable surge of 42%, with its current price reaching $1.181, garnering significant attention from the cryptocurrency community.
However, this surge occurs amidst a heated legal battle between Terraform Labs, the company behind Terra, and the U.S. Securities and Exchange Commission (SEC). Terraform Labs finds itself embroiled in bankruptcy proceedings, where it confronts objections raised by the SEC regarding its legal representation.
In response to the SEC’s objections, Terraform Labs remains steadfast, challenging the merits of the SEC’s claims. The company asserts that the objections lack substance and are intended to undermine its ability to defend itself in the ongoing legal dispute.
This confrontation escalates tensions in the legal arena, raising questions about the regulatory oversight of cryptocurrency projects and the challenges they face in navigating complex legal frameworks.

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Terraform Labs Faces Scrutiny Amid Legal Defense
Amid its legal battle, Terraform Labs’ defense strategy undergoes scrutiny from regulatory authorities and the legal system. The company stands by its decision to retain Dentons U.S. LLC as special counsel in its bankruptcy case, emphasizing the critical need for robust legal representation amidst regulatory and legal complexities.
Also Read:   Starknet TVL Surges by Almost 200% - What's Next for STRK?
However, Terraform Labs encounters significant obstacles in its defense efforts. It seeks court approval to cover essential legal expenses for defending against SEC litigation and complying with ongoing Department of Justice (DOJ) investigations. Yet, it faces opposition from both the SEC and the U.S. Trustee’s Office, raising doubts about the feasibility of its proposed expenditure and the efficacy of its defense strategy.
The objections from the SEC and the U.S. Trustee’s Office cast doubts on Terraform Labs’ ability to navigate the legal intricacies of its bankruptcy proceedings and regulatory hurdles. The company finds itself at a pivotal moment, where securing adequate legal representation and effectively safeguarding its interests become increasingly uncertain amidst growing regulatory pressure and legal scrutiny.
Uncertainty Surrounds Terraform Labs Amid Legal Dispute
As the legal dispute continues, uncertainty casts a shadow over Terraform Labs’ future trajectory and the wider cryptocurrency ecosystem. The outcome of the legal proceedings holds considerable implications for the company’s financial stability, regulatory compliance endeavors, and overall long-term viability.
Despite grappling with regulatory hurdles and legal obstacles, Terraform Labs remains resolute in its pursuit of fair treatment and due process. The company staunchly defends its right to mount a robust defense against the regulatory challenges it confronts. It advocates for transparency, accountability, and regulatory clarity within the cryptocurrency sphere.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Terra  #LunaClassic  #Altcoin  #Cryptocurrency  #CryptoNews $LUNC $USTC $LUNA

CryptosHeadlines.com - The Leading Crypto Research NetworkTerra Luna Classic reaches 76 billion LUNC token burn milestone as various participants in the crypto community continue to burn LUNC tokens.
The Terra Luna Classic community has now burned a total of 76 billion LUNC tokens, marking a significant achievement since May 18, 2022. Binance, the largest crypto exchange globally, has contributed more than half of this amount, burning nearly 38.81 billion LUNC tokens.
Currently, there are 5.80 trillion LUNC tokens in circulation out of a total supply of 6.83 trillion LUNC. To further increase the LUNC burn rate, the community aims to enhance the utility of the token.
Terra Luna Classic Burns 76 Billion Tokens
Terra Luna Classic has achieved a significant milestone by burning 76 billion LUNC tokens through contributions from crypto exchanges, validators, projects, and members. On average, the community burns about 400 million LUNC tokens every week. Binance, one of the world’s largest crypto exchanges, plays a crucial role in this by sending billions of LUNC tokens to the burn address as part of its monthly burn mechanism. To date, Binance has burned over 38.81 billion LUNC tokens.
The Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team are working together to reduce the circulating supply of LUNC and USTC in the fourth quarter. They plan to repeg USTC to $1 and collaborate with exchanges to ensure its successful implementation.
Additionally, the Terra Luna Classic community has established a community-owned Galaxy Station wallet and Galaxy Finder blockchain explorer. These developments demonstrate the community’s commitment to enhancing the Terra Luna Classic ecosystem.
LUNC and USTC Prices Decline
The price of LUNC has dropped by 3% in the last 24 hours, currently at $0.000056. It reached a low of $0.0000556 and a high of $0.0000583 during this period. Last week, Terra Luna Classic couldn’t maintain its position above the $0.000060 support level, leading to further declines.
On the other hand, USTC is currently trading at $0.011, reflecting a 4% decrease in the past 24 hours and a 12% decline over the week. Additionally, the trading volume has notably decreased within the last 24 hours.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #TerraLunaClassic #LunaClassic #LUNC

If you missed this mornings live stream, and for some reason you are not following the ongoing of the Luna Classic $LUNC project, they you will have missed the havvock that some bad players in the #crypto world are spreading.

Two of the main developers for the #LUNC project have decided to step away from the project as they were being blackmailed by those trying to hemper the progress of the #LunaClassic Blockchain.

The revival of$LUNC poses a threat to , now essentially a useless token supported only by those who have been gulled into it out of necessity more than anything else.

#Binance who holds more than 3million #LunaClassic tokens that they acquired in 2020, prior to #LUNC run up, are still holding the stash and doing the best a trading platform can do to support the project.

https://www.youtube.com/live/zwXfwRLp_1g?feature=share

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Terraform Labs, founded by Do Kwon, has once more accused market maker Citadel Securities of being involved in an alleged deliberate attempt to cause the depegging of its stablecoin in 2022.
Legal Action to Obtain Documents from Citadel Securities
Terraform Labs initiated a legal move on October 10, filing a motion in the U.S. District Court for the Southern District of Florida. Their aim is to compel Citadel Securities LLC to produce documents related to their trading activities during May 2022. This timeframe is noteworthy because it aligns with the depegging of Terraform Labs’ stablecoin, now known as TerraUSD Classic (USTC).

Screenshot from filing from Terraform compelling Citadel to provide additional documents. Source: courtlistener
The motion contends that this depegging incident in May 2022, which caused the stablecoin’s value to plummet, was not a result of instability in its underlying algorithm. Rather, Terraform Labs argues that the market destabilization was orchestrated by specific third-party market participants intentionally shorting the stablecoin.
In their filing, Terraform Labs refers to “publicly available evidence” suggesting that Ken Griffin, Citadel’s head, may have had plans to short the stablecoin around the time of the depeg. It’s worth noting that Citadel Securities has previously denied any trading of the TerraUSD stablecoin during May 2022.
Crucial Documents for Defense
Terraform Labs underscores the critical importance of these documents in their defense against the lawsuit brought by the U.S. Securities and Exchange Commission (SEC). Filed in February, the SEC’s lawsuit alleges that Terraform Labs, along with its founder Do Kwon, were involved in a significant crypto asset securities fraud.
The success of Terraform Labs’ defense is at stake if Citadel Securities withholds these essential documents. Should the court fail to compel Citadel to release the trading records, Terraform Labs has formally requested that the matter be transferred to the U.S. District Court for the Southern District of New York. There, Judge Rakoff will make a decision on this matter.
In a related legal development, Terraform Labs had sought permission in July to access data from the now-bankrupt crypto exchange FTX. They believed this information could play a vital role in their defense.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bitcoin #CryptoNews #Stablecoin #LunaClassic #USTC

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The Terra Luna Classic community has unanimously approved a proposal for the v2.2.1 core upgrade. This proposal was submitted by the L1 Terra Classic Task Force (L1TF).

The Terra Luna Classic community has agreed unanimously to a proposal for the v2.2.1 core upgrade, which was submitted by the L1 Terra Classic Task Force (L1TF) core developer group.

This upgrade will introduce important changes to the blockchain and put into effect changes that were previously approved through governance voting. However, the prices of LUNC and USTC tokens are still facing downward pressure.

Terra Luna Classic Officially Approves v2.2.1 Upgrade Proposal

The Terra Luna Classic community has officially passed Proposal 11766, submitted by the L1 Terra Classic Task Force (L1TF), to upgrade the blockchain to v2.2.1.

This proposal received overwhelming support from the community, with a 99.85% “Yes” vote. Out of 50 validators participating in the governance vote, 49 voted in favor, including top validators like Allnodes, Interstellar Lounge, HappyCattyCrypto, Stakely, 1maxfee, and others.

The L1 Terra Classic Task Force (L1TF) developer team, led by Vinh Nguyen, has confirmed their readiness for the v2.2.1 core upgrade. The upgrade is scheduled to take place at block height 14,514,000, estimated to occur at 10:21 UTC on September 12.

The v2.2.0 core upgrade includes several significant changes, such as an upgrade to the cosmos SDK, migration to CometBFT for tendermint, and IBC-go to v6, along with wasmd. Additionally, it implements key changes that were previously approved through governance voting, including the split of the burn tax to the distribution module.

LUNC and USTC Prices Continue to Decline

Despite recent community-approved proposals, Terra Luna Classic and USTC prices are still facing selling pressure. Additionally, these prices continue to decrease due to the overall selloff in the cryptocurrency market.

In the last 24 hours, the price of LUNC has dropped by 5%, and it’s currently trading at $0.000056. The price ranged between $0.0000565 and $0.0000605 during this period.

Meanwhile, USTC is trading at $0.012, marking a decrease of over 4% in the past 24 hours. Its price fluctuated between $0.0119 and $0.0132 within this timeframe.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#cryptomarket #TerraLunaClassic #LunaClassic #LUNC