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Terra Luna Classic Burns 726 Million USTC from Anchor Protocol – Price Rally Coming? 🔥🚀
The Terra Luna Classic (LUNC) community is buzzing after a massive burn of 726 million USTC (TerraClassicUSD) was conducted from the Anchor Protocol. This burn has reignited hopes for a potential price rally, as reducing the circulating supply of USTC could positively impact both USTC and LUNC prices. But, can this latest burn really trigger a significant rally? Let’s break down what this means and what to watch for.
👇👇👇
$USTC
The 726 Million USTC Burn: Why Does It Matter? 💥
Burning tokens is a popular method to reduce a cryptocurrency’s supply, making the remaining tokens more scarce, which in theory should drive up their value if demand stays the same or increases. In this case, burning 726 million USTC represents a significant step for the Terra Luna Classic ecosystem, as it reduces the overall supply of TerraClassicUSD.
The burn took place through Anchor Protocol, one of the key decentralized finance (DeFi) platforms in the Terra ecosystem. Anchor was previously used to earn high yields on USTC before the Terra collapse, and the burn marks a major step toward restoring balance to the ecosystem. ⚖️
What Could This Mean for LUNC and USTC Prices? 📈
Burns like this often lead to price speculation and optimism in the crypto markets. Here’s why this burn could lead to a price rally:
1. Supply Reduction = Scarcity 💎
With 726 million USTC now permanently removed from circulation, there’s less available supply. If demand for USTC and related tokens like LUNC increases or remains stable, this scarcity could drive up prices.
👇👇👇
$LUNC
2. Positive Sentiment in the Community 🌐
Large-scale burns tend to signal strong community commitment to the project’s future. For Terra Luna Classic, this burn showcases the efforts being made to rebuild the ecosystem after the Terra collapse. Such optimism can trigger a wave of buying pressure as investors anticipate future gains.
3. Potential Utility Boost for USTC 🔧
USTC’s history as a stablecoin suffered after the Terra collapse, but this burn could be part of larger efforts to re-establish its role within the ecosystem. If USTC regains utility, the price could rally alongside LUNC.
👇👇👇
$LUNC
Can LUNC See a Price Rally? 🔥
While the burn is a significant event, it’s not the only factor that could influence a potential rally. Other variables, such as market sentiment, broader crypto trends, and future development efforts within the Terra Luna Classic ecosystem, will also play key roles.
Several positive developments around Terra Luna Classic could further support a rally:
- Ongoing burns and community-driven efforts to reduce supply.
- Restoring utility for USTC and LUNC through DeFi platforms like Anchor Protocol.
- Broader market trends — if Bitcoin and other major cryptos start rising, LUNC could follow.
Key Takeaways for Investors 🎯
While the burn of 726 million USTC is a step in the right direction, it’s important for investors to remain cautious. Burns alone don’t guarantee price rallies, and the success of Terra Luna Classic will depend on rebuilding trust and utility within the ecosystem. 📊
However, with a reduction in supply and renewed optimism from the community, there is potential for LUNC and USTC to see price appreciation in the short to mid-term, especially if larger market conditions become more favorable. 🌟
As always, it’s important to stay informed and monitor further developments in the Terra Luna Classic ecosystem before making investment decisions! 👀
#Lunc2TheMoonSoon #BTCReboundsAfterFOMC #USTC/USDT #TerraLabs #SuperMacho
👇👇👇
$USTC
The 726 Million USTC Burn: Why Does It Matter? 💥
Burning tokens is a popular method to reduce a cryptocurrency’s supply, making the remaining tokens more scarce, which in theory should drive up their value if demand stays the same or increases. In this case, burning 726 million USTC represents a significant step for the Terra Luna Classic ecosystem, as it reduces the overall supply of TerraClassicUSD.
The burn took place through Anchor Protocol, one of the key decentralized finance (DeFi) platforms in the Terra ecosystem. Anchor was previously used to earn high yields on USTC before the Terra collapse, and the burn marks a major step toward restoring balance to the ecosystem. ⚖️
What Could This Mean for LUNC and USTC Prices? 📈
Burns like this often lead to price speculation and optimism in the crypto markets. Here’s why this burn could lead to a price rally:
1. Supply Reduction = Scarcity 💎
With 726 million USTC now permanently removed from circulation, there’s less available supply. If demand for USTC and related tokens like LUNC increases or remains stable, this scarcity could drive up prices.
👇👇👇
$LUNC
2. Positive Sentiment in the Community 🌐
Large-scale burns tend to signal strong community commitment to the project’s future. For Terra Luna Classic, this burn showcases the efforts being made to rebuild the ecosystem after the Terra collapse. Such optimism can trigger a wave of buying pressure as investors anticipate future gains.
3. Potential Utility Boost for USTC 🔧
USTC’s history as a stablecoin suffered after the Terra collapse, but this burn could be part of larger efforts to re-establish its role within the ecosystem. If USTC regains utility, the price could rally alongside LUNC.
👇👇👇
$LUNC
Can LUNC See a Price Rally? 🔥
While the burn is a significant event, it’s not the only factor that could influence a potential rally. Other variables, such as market sentiment, broader crypto trends, and future development efforts within the Terra Luna Classic ecosystem, will also play key roles.
Several positive developments around Terra Luna Classic could further support a rally:
- Ongoing burns and community-driven efforts to reduce supply.
- Restoring utility for USTC and LUNC through DeFi platforms like Anchor Protocol.
- Broader market trends — if Bitcoin and other major cryptos start rising, LUNC could follow.
Key Takeaways for Investors 🎯
While the burn of 726 million USTC is a step in the right direction, it’s important for investors to remain cautious. Burns alone don’t guarantee price rallies, and the success of Terra Luna Classic will depend on rebuilding trust and utility within the ecosystem. 📊
However, with a reduction in supply and renewed optimism from the community, there is potential for LUNC and USTC to see price appreciation in the short to mid-term, especially if larger market conditions become more favorable. 🌟
As always, it’s important to stay informed and monitor further developments in the Terra Luna Classic ecosystem before making investment decisions! 👀
#Lunc2TheMoonSoon #BTCReboundsAfterFOMC #USTC/USDT #TerraLabs #SuperMacho
Terraform Labs and co-founder Do Kwon, after being found liable for fraud by a New York jury last month, told a judge they shouldn’t have to pay the $5.3 billion fine requested by US regulators.
#DoKwon #TerraLabs
#DoKwon #TerraLabs
Two years ago this week, the price of Terra's LUNA coin experienced a staggering drop from $119 to just $1. This event shook the cryptocurrency market, causing significant losses for investors and raising concerns about the Terra network's reliability. Analysts and investors closely examined the reasons behind this crash and discussed the impact on the Terra ecosystem and its recovery. Join the conversation to share your thoughts on this noteworthy event. #TerraLabs #LUNA #DoKwon
$BTC
$ETH
$SOL
$BTC
$ETH
$SOL
🔥🔥🔥🔥Terraform Labs🔥🔥🔥
🔴Terraform Labs and its co-founder, Do Kwon, have reached a 'settlement in principle' with the U.S. Securities and Exchange Commission (SEC), according to a recent court entry. ⛔
🔴This marks a pivotal moment in their legal battle with the SEC. A Thursday filing revealed that a Wednesday telephone conference, which was not recorded, led to the cancellation of a previously scheduled oral argument set for May 29. ‼
🔴The filing stated, "The oral argument previously set for 5/29/2024 has been cancelled because the parties have informed the Court that they reached a settlement in principle. The parties must file, by 6/12/2024, papers in support of a proposed final judgment consistent with the settlement."🏘
🔴The SEC charged Terraform and Kwon in February 2023 over the collapse of the algorithmic stablecoin Terra USD (UST) a year earlier. Recently, the parties had been disputing the fine amounts, with Terraform and Kwon's lawyers arguing for fines closer to $1 million, while the SEC proposed a significantly higher fine of $5.3 billion.💰
🔴The trial against Terraform began in late March without Kwon, who was absent. In April, a jury found both Terraform and Kwon liable for civil fraud, concluding they had misled investors and violated federal securities laws through fraudulent activities associated with Terraform securities.🔐
🔴Meanwhile, Kwon remains involved in legal proceedings concerning his extradition to the U.S. or South Korea. He was arrested in Montenegro in March 2023 for using a counterfeit passport while trying to leave the country.$LUNA $LUNC $USTC #LUNA🔥🔥🔥 #LUNC✅ #USTC #TerraLabs #TerraClassic
🔴Terraform Labs and its co-founder, Do Kwon, have reached a 'settlement in principle' with the U.S. Securities and Exchange Commission (SEC), according to a recent court entry. ⛔
🔴This marks a pivotal moment in their legal battle with the SEC. A Thursday filing revealed that a Wednesday telephone conference, which was not recorded, led to the cancellation of a previously scheduled oral argument set for May 29. ‼
🔴The filing stated, "The oral argument previously set for 5/29/2024 has been cancelled because the parties have informed the Court that they reached a settlement in principle. The parties must file, by 6/12/2024, papers in support of a proposed final judgment consistent with the settlement."🏘
🔴The SEC charged Terraform and Kwon in February 2023 over the collapse of the algorithmic stablecoin Terra USD (UST) a year earlier. Recently, the parties had been disputing the fine amounts, with Terraform and Kwon's lawyers arguing for fines closer to $1 million, while the SEC proposed a significantly higher fine of $5.3 billion.💰
🔴The trial against Terraform began in late March without Kwon, who was absent. In April, a jury found both Terraform and Kwon liable for civil fraud, concluding they had misled investors and violated federal securities laws through fraudulent activities associated with Terraform securities.🔐
🔴Meanwhile, Kwon remains involved in legal proceedings concerning his extradition to the U.S. or South Korea. He was arrested in Montenegro in March 2023 for using a counterfeit passport while trying to leave the country.$LUNA $LUNC $USTC #LUNA🔥🔥🔥 #LUNC✅ #USTC #TerraLabs #TerraClassic
AA - #TerraLabs Terra Luna Classic Undergoes Successful Upgrade: #LUNC Potential to Rise
$LUNC #LUNA
Read More: https://altcoinsanalysis.com/terra-luna-classic-undergoes-successful-upgrade-lunc-potential-to-rise/
$LUNC #LUNA
Read More: https://altcoinsanalysis.com/terra-luna-classic-undergoes-successful-upgrade-lunc-potential-to-rise/
According to a court entry, Terraform Labs and its co-founder, Do Kwon, have reached a 'settlement in principle' with the US Securities and Exchange Commission (SEC).
In a significant development, Terraform Labs and its co-founder Do Kwon have reached a pivotal turning point in their legal feud with the U.S. Securities Exchange Commission (SEC), as revealed by a recent court entry.
As per the filing made on Thursday, a telephone conference held on Wednesday, without recording, led to the cancellation of a previously scheduled oral argument on May 29.
The oral argument previously set for 5/29/2024 has been cancelled because the parties have informed the Court that they reached a settlement in principle," stated the filing. "The parties must file, by 6/12/2024, papers in support of a proposed final judgment consistent with the settlement.
The SEC had charged Terraform and Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST), which had collapsed a year prior. Recently, both sides were embroiled in a dispute over fine amounts. Terraform and Kwon's lawyers argued for fines closer to $1 million, while the SEC proposed a significantly higher fine of $5.3 billion.
The trial against the SEC commenced for Terraform in late March, with Kwon notably absent. In April, a jury concluded that both Terraform and Kwon had misled investors and were held liable for civil fraud. The jury's deliberation centered on the SEC's allegations that Kwon and Terraform had violated federal securities laws through fraudulent activities associated with the buying and selling of Terraform securities.
Meanwhile, Kwon, the former executive, remains entangled in a legal tug-of-war over extradition to the U.S. or South Korea. He was apprehended in Montenegro in March 2023 for using a counterfeit passport while attempting to depart the country.
Source- The Block
$LUNC $LUNA $USTC #TerraLabs #TerraClassic #LUNC✅ #LUNA🔥🔥🔥 #USTC
In a significant development, Terraform Labs and its co-founder Do Kwon have reached a pivotal turning point in their legal feud with the U.S. Securities Exchange Commission (SEC), as revealed by a recent court entry.
As per the filing made on Thursday, a telephone conference held on Wednesday, without recording, led to the cancellation of a previously scheduled oral argument on May 29.
The oral argument previously set for 5/29/2024 has been cancelled because the parties have informed the Court that they reached a settlement in principle," stated the filing. "The parties must file, by 6/12/2024, papers in support of a proposed final judgment consistent with the settlement.
The SEC had charged Terraform and Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST), which had collapsed a year prior. Recently, both sides were embroiled in a dispute over fine amounts. Terraform and Kwon's lawyers argued for fines closer to $1 million, while the SEC proposed a significantly higher fine of $5.3 billion.
The trial against the SEC commenced for Terraform in late March, with Kwon notably absent. In April, a jury concluded that both Terraform and Kwon had misled investors and were held liable for civil fraud. The jury's deliberation centered on the SEC's allegations that Kwon and Terraform had violated federal securities laws through fraudulent activities associated with the buying and selling of Terraform securities.
Meanwhile, Kwon, the former executive, remains entangled in a legal tug-of-war over extradition to the U.S. or South Korea. He was apprehended in Montenegro in March 2023 for using a counterfeit passport while attempting to depart the country.
Source- The Block
$LUNC $LUNA $USTC #TerraLabs #TerraClassic #LUNC✅ #LUNA🔥🔥🔥 #USTC
JUST IN
#TerraLabs Co-founder Do Kwon's Extradition Approved Once Again
Initially rejecting the US plea, Montenegro's Supreme Court recently overturned earlier decisions, reigniting US hopes of prosecuting Kwon for alleged fraud linked to the TerraUSD stablecoin's collapse.
Montenegro finds itself at the center of a legal tug-of-war between the United States and South Korea as its courts reconsider the extradition fate of Do Kwon, the co-founder of Terra Labs. A Montenegrin court has once again approved Do Kwon's extradition.
It is now up to Justice Minister Andrej Milovic to decide whether to extradite Do Kwon to the United States or South Korea. Milovic has been vocal in advocating for Kwon's extradition to the United States, signaling a potential victory for US authorities in their pursuit of justice.
However, with extradition requests from both South Korea and the US on the table, Montenegro faces the challenge of navigating complex jurisdictional waters.
Courtroom Drama Unfolds
The legal drama surrounding Kwon has been fraught with complexity. Earlier, a Montenegrin appeal court had rejected attempts to extradite Kwon to the US. However, a Bloomberg reports a twist in the tale: Montenegro's Supreme Court stepped in, nullifying previous decisions favoring South Korea's extradition request.
This turn of events breathes new life into US efforts to bring Kwon to trial over fraud allegations linked to the TerraUSD stablecoin's collapse in 2022.
US Legal Troubles Deepen
Meanwhile, in the United States, Kwon faces mounting legal troubles. A federal jury in New York has already found Kwon and Terraform Labs responsible for defrauding investors of billions of dollars.
The civil complaint, filed by the SEC, accuses Kwon and his company of orchestrating a fraudulent scheme that led to substantial market value losses.
$LUNA #Security #DoKwon
#TerraLabs Co-founder Do Kwon's Extradition Approved Once Again
Initially rejecting the US plea, Montenegro's Supreme Court recently overturned earlier decisions, reigniting US hopes of prosecuting Kwon for alleged fraud linked to the TerraUSD stablecoin's collapse.
Montenegro finds itself at the center of a legal tug-of-war between the United States and South Korea as its courts reconsider the extradition fate of Do Kwon, the co-founder of Terra Labs. A Montenegrin court has once again approved Do Kwon's extradition.
It is now up to Justice Minister Andrej Milovic to decide whether to extradite Do Kwon to the United States or South Korea. Milovic has been vocal in advocating for Kwon's extradition to the United States, signaling a potential victory for US authorities in their pursuit of justice.
However, with extradition requests from both South Korea and the US on the table, Montenegro faces the challenge of navigating complex jurisdictional waters.
Courtroom Drama Unfolds
The legal drama surrounding Kwon has been fraught with complexity. Earlier, a Montenegrin appeal court had rejected attempts to extradite Kwon to the US. However, a Bloomberg reports a twist in the tale: Montenegro's Supreme Court stepped in, nullifying previous decisions favoring South Korea's extradition request.
This turn of events breathes new life into US efforts to bring Kwon to trial over fraud allegations linked to the TerraUSD stablecoin's collapse in 2022.
US Legal Troubles Deepen
Meanwhile, in the United States, Kwon faces mounting legal troubles. A federal jury in New York has already found Kwon and Terraform Labs responsible for defrauding investors of billions of dollars.
The civil complaint, filed by the SEC, accuses Kwon and his company of orchestrating a fraudulent scheme that led to substantial market value losses.
$LUNA #Security #DoKwon
JUST IN:
Do Kwon found guilty in 🇺🇸 SEC case 😮
“We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud. [They] deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD… Through these deceptions, the defendants caused devastating losses for investors and wiped out tens of billions of market value nearly overnight.”
$LUNC $USTC
#TerraLabs #BitEagleNews
Do Kwon found guilty in 🇺🇸 SEC case 😮
“We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud. [They] deceived investors about the stability of the crypto asset security and so-called algorithmic stablecoin Terra USD… Through these deceptions, the defendants caused devastating losses for investors and wiped out tens of billions of market value nearly overnight.”
$LUNC $USTC
#TerraLabs #BitEagleNews
In a $4.47 billion deal with the SEC, Terraform will end a legal battle
Do Kwon, co-founder of Terraform, and the company have settled with the SEC for $4.47 billion.
A $3.58 billion discharge fee and a $420 million civil penalty are part of the settlement.
Following an 11% decline over the last week, LUNC is up 2%.
On Wednesday, Terraform Labs and the Securities and Exchange Commission (SEC) settled their civil fraud case for $4.47 billion.
Terraform Labs and its co-founder, Do Kwon, have settled a case filed by the SEC alleging that they violated securities laws. The business was responsible for the LUNA and TerraUSD projects, both of which were unsuccessful. The SEC's filing earlier today with the US District Court of New York is the basis for the story.
To learn more about how Do Kwon and Terraform Labs were implicated in deceiving investors before to the UST stablecoin crash, read here.
In all, the corporation will have to fork out $4.47 billion to resolve the case, with $3.5 billion going toward disgorgement and $466 million for pre-judgment interest. Additionally, Do Kwon was assessed a settlement cost of $204 million.
Kwon and Terraform Labs would also be barred from purchasing or selling cryptocurrency assets, including Terra ecosystem tokens, as part of the settlement agreement.
Accusations of violating securities laws via unregistered sales of stocks were leveled against Terraform and Do Kwon by the SEC in February 2023. Additionally, they were said to have utilized their stablecoin to deceive investors.
Following a year of litigation, the parties reached a settlement agreement in May and will now wait for the district court to approve the settlement before making any more payments.
As of this writing, Terra Luna Classic (LUNC) has risen 3.73 percent since the settlement. This may be because the community is demanding a new burn tax distribution plan, which has just been proposed. After falling 11% last week, the token is now making a comeback.
#LUNC #LUNA #TerraLabs $LUNC
Do Kwon, co-founder of Terraform, and the company have settled with the SEC for $4.47 billion.
A $3.58 billion discharge fee and a $420 million civil penalty are part of the settlement.
Following an 11% decline over the last week, LUNC is up 2%.
On Wednesday, Terraform Labs and the Securities and Exchange Commission (SEC) settled their civil fraud case for $4.47 billion.
Terraform Labs and its co-founder, Do Kwon, have settled a case filed by the SEC alleging that they violated securities laws. The business was responsible for the LUNA and TerraUSD projects, both of which were unsuccessful. The SEC's filing earlier today with the US District Court of New York is the basis for the story.
To learn more about how Do Kwon and Terraform Labs were implicated in deceiving investors before to the UST stablecoin crash, read here.
In all, the corporation will have to fork out $4.47 billion to resolve the case, with $3.5 billion going toward disgorgement and $466 million for pre-judgment interest. Additionally, Do Kwon was assessed a settlement cost of $204 million.
Kwon and Terraform Labs would also be barred from purchasing or selling cryptocurrency assets, including Terra ecosystem tokens, as part of the settlement agreement.
Accusations of violating securities laws via unregistered sales of stocks were leveled against Terraform and Do Kwon by the SEC in February 2023. Additionally, they were said to have utilized their stablecoin to deceive investors.
Following a year of litigation, the parties reached a settlement agreement in May and will now wait for the district court to approve the settlement before making any more payments.
As of this writing, Terra Luna Classic (LUNC) has risen 3.73 percent since the settlement. This may be because the community is demanding a new burn tax distribution plan, which has just been proposed. After falling 11% last week, the token is now making a comeback.
#LUNC #LUNA #TerraLabs $LUNC
The Terra Luna Classic ecosystem experienced a surge in token prices following the removal of 1.85 billion USTC and 222 million LUNC tokens from the Luna Foundation Guard's circulating supply. While LUNC prices initially soared by over 10% and USTC rose by 18%, these gains were short-lived as prices retraced later on. The decrease in supply prompted buying activity within the community, although subsequent developments led to a pullback in prices. It's worth noting that the adjustments in supply do not equate to actual removal from circulation. The Terra Luna Classic community aims to burn USTC and LUNC held in the LFG wallet to reflect a reduction in total supply. Currently, LUNC prices have increased by 4% in the last 24 hours, trading at $0.0001062, while USTC prices have risen by 7%, reaching $0.0235. Trading volume has also seen a significant uptick, increasing by 118% in the past day. #LUNCUSD #TerraLabs
"Binance Burns 1.4 Billion LUNC in Latest Batch, Total Burn Surpasses 59 Billion! 🚀🔥
Binance, the world's largest cryptocurrency exchange, has completed another significant burn of Terra Luna Classic (LUNC) tokens, following its monthly LUNC burn schedule. In its 21st batch, Binance burned 1.4 billion LUNC tokens. With this latest action, the total amount of LUNC tokens burned by Binance has now exceeded 59 billion.
The Terra Luna Classic community has collectively burned over 113 billion LUNC tokens to date, reflecting ongoing efforts to support the token's revival. Binance has been a steadfast supporter of these efforts since 2022, consistently participating in the monthly LUNC burn mechanism to help reduce the token's supply and potentially increase its value.
This continued support from Binance highlights the exchange's commitment to the Terra Luna Classic community and its revival initiatives. $LUNC
#altcoins #LUNC✅ #TerraLunaClassic #TerraLabs #LuncBurn
Binance, the world's largest cryptocurrency exchange, has completed another significant burn of Terra Luna Classic (LUNC) tokens, following its monthly LUNC burn schedule. In its 21st batch, Binance burned 1.4 billion LUNC tokens. With this latest action, the total amount of LUNC tokens burned by Binance has now exceeded 59 billion.
The Terra Luna Classic community has collectively burned over 113 billion LUNC tokens to date, reflecting ongoing efforts to support the token's revival. Binance has been a steadfast supporter of these efforts since 2022, consistently participating in the monthly LUNC burn mechanism to help reduce the token's supply and potentially increase its value.
This continued support from Binance highlights the exchange's commitment to the Terra Luna Classic community and its revival initiatives. $LUNC
#altcoins #LUNC✅ #TerraLunaClassic #TerraLabs #LuncBurn
U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement With SECThe settlement bans Kwon and Terr
The settlement approved by District Court Judge Jed Rakoff of the Southern District of New York (SDNY) involves Terraform Labs and Kwon paying a combined $4.5 billion in disgorgement and civil penalties while being permanently banned from buying and selling all "crypto asset securities," including Terra ecosystem tokens.
The settlement comes just two months after a New York jury found Terraform Labs and Kwon civilly liable for fraud stemming from the $40 billion collapse of the Terra ecosystem in May 2022. Terra's implosion led to the collapse of crypto hedge fund Three Arrows Capital which, in turn, took out other crypto companies including Genesis Global Capital and, indirectly, FTX.
“This case affirms what court after court has said: The economic realities of a product — not the labels, the spin, or the hype — determine whether it is a security under the securities laws,” said SEC Chair Gary Gensler in a Thursday press release. “Terraform and Do Kwon’s fraudulent activities caused devastating losses for investors, in some cases wiping out entire life savings. Their fraud serves as a reminder that, when firms fail to comply with the law, investors get hurt. Terraform and Kwon fought our efforts to investigate – taking a fight over investigative subpoenas all the way to the Supreme Court. Thankfully, with this settlement, the victims of their massive fraud will now get some justice.”
The SEC first suggested a $5.3 billion settlement in the case, which lawyers for Terraform Labs countered by telling the judge that the company should be fined no more than $1 million in civil penalties. On June 6, lawyers for both Kwon and Terraform Labs agreed to the SEC's second settlement offer of $4.5 billion.
Kwon, still in custody in Montenegro awaiting a decision on his extradition, did not appear at the trial where the settlement was reached.
Terraform Labs is currently in Chapter 11 bankruptcy protection and, according to current CEO Chris Amani's trial testimony, has approximately $150 million in assets on hand. It is currently unclear how the company will pay the hefty fines.
The settlement is binding and cannot be appealed.
#DoKwon #TerraLabs #TerraNetwork #Luna
The settlement comes just two months after a New York jury found Terraform Labs and Kwon civilly liable for fraud stemming from the $40 billion collapse of the Terra ecosystem in May 2022. Terra's implosion led to the collapse of crypto hedge fund Three Arrows Capital which, in turn, took out other crypto companies including Genesis Global Capital and, indirectly, FTX.
“This case affirms what court after court has said: The economic realities of a product — not the labels, the spin, or the hype — determine whether it is a security under the securities laws,” said SEC Chair Gary Gensler in a Thursday press release. “Terraform and Do Kwon’s fraudulent activities caused devastating losses for investors, in some cases wiping out entire life savings. Their fraud serves as a reminder that, when firms fail to comply with the law, investors get hurt. Terraform and Kwon fought our efforts to investigate – taking a fight over investigative subpoenas all the way to the Supreme Court. Thankfully, with this settlement, the victims of their massive fraud will now get some justice.”
The SEC first suggested a $5.3 billion settlement in the case, which lawyers for Terraform Labs countered by telling the judge that the company should be fined no more than $1 million in civil penalties. On June 6, lawyers for both Kwon and Terraform Labs agreed to the SEC's second settlement offer of $4.5 billion.
Kwon, still in custody in Montenegro awaiting a decision on his extradition, did not appear at the trial where the settlement was reached.
Terraform Labs is currently in Chapter 11 bankruptcy protection and, according to current CEO Chris Amani's trial testimony, has approximately $150 million in assets on hand. It is currently unclear how the company will pay the hefty fines.
The settlement is binding and cannot be appealed.
#DoKwon #TerraLabs #TerraNetwork #Luna
#luna $LUNA #kamran #TerraLabs #Luna's Plunge: A Short-Term Trading Opportunity?
The Situation in a Nutshell:
* Terraform Labs dissolves: The company, which originally created Terra and LUNA, is officially shutting down. This has significantly damaged investor confidence.
* SEC settlement: Terraform Labs has agreed to pay a massive $4.47 billion fine to settle charges with the SEC, highlighting the severity of the alleged wrongdoings.
* Token burn: LUNA tokens owned by Terraform Labs will be burned, potentially reducing supply and creating upward pressure on price. However, this may be offset by the negative sentiment surrounding the entire project.
* Do Kwon's fate: The founder of Terraform Labs, Do Kwon, remains in Montenegro with extradition requests from the US and South Korea pending. The outcome of this legal battle could have further implications on LUNA's future.
A Case for Shorting LUNA:
Given the current circumstances, there is a strong case for shorting LUNA. The following points support this argument:
* Negative sentiment: The news surrounding Terraform Labs has created a wave of negative sentiment, which could push LUNA's price down further in the short term.
* Lack of trust: The dissolving of Terraform Labs and the SEC settlement raise serious concerns about the integrity of the project, eroding trust among investors.
* Uncertainty about the future: The fate of Terraform Labs and Do Kwon remains unclear, creating further uncertainty and potential downward pressure on LUNA.
Trading opportunity:
While the current situation might seem favorable for shorting LUNA, it is important to proceed with caution. Here's why:
* Potential for a rebound: While the current sentiment is negative, a potential positive announcement or event could trigger a rebound in LUNA's price.
* Analysis: Relying solely on news events is not sufficient for informed trading decisions. Utilizing technical analysis tools to identify entry and exit points is crucial.
Disclaimer: This article is for informational purposes only and should not be considered financial advice.
The Situation in a Nutshell:
* Terraform Labs dissolves: The company, which originally created Terra and LUNA, is officially shutting down. This has significantly damaged investor confidence.
* SEC settlement: Terraform Labs has agreed to pay a massive $4.47 billion fine to settle charges with the SEC, highlighting the severity of the alleged wrongdoings.
* Token burn: LUNA tokens owned by Terraform Labs will be burned, potentially reducing supply and creating upward pressure on price. However, this may be offset by the negative sentiment surrounding the entire project.
* Do Kwon's fate: The founder of Terraform Labs, Do Kwon, remains in Montenegro with extradition requests from the US and South Korea pending. The outcome of this legal battle could have further implications on LUNA's future.
A Case for Shorting LUNA:
Given the current circumstances, there is a strong case for shorting LUNA. The following points support this argument:
* Negative sentiment: The news surrounding Terraform Labs has created a wave of negative sentiment, which could push LUNA's price down further in the short term.
* Lack of trust: The dissolving of Terraform Labs and the SEC settlement raise serious concerns about the integrity of the project, eroding trust among investors.
* Uncertainty about the future: The fate of Terraform Labs and Do Kwon remains unclear, creating further uncertainty and potential downward pressure on LUNA.
Trading opportunity:
While the current situation might seem favorable for shorting LUNA, it is important to proceed with caution. Here's why:
* Potential for a rebound: While the current sentiment is negative, a potential positive announcement or event could trigger a rebound in LUNA's price.
* Analysis: Relying solely on news events is not sufficient for informed trading decisions. Utilizing technical analysis tools to identify entry and exit points is crucial.
Disclaimer: This article is for informational purposes only and should not be considered financial advice.
Terra Price Prediction
The Terra ecosystem has suffered a tremendous crash that many fear the token may not recover from. In May 2022, Terraform Labs’ UST stablecoin depegged significantly, with about half a trillion US dollars from the crypto market. In response, the company liquidated their BTC holdings to restabilize the coin. Fast-forward to June 2024, and LUNA is trading at a DeFi coin price of $0.5007, over a 97% dip from its all-time high of $19.54. The token has been in a year-long decline, recording 14.7% and 15.3% losses on its monthly and yearly charts. The current market conditions hint at the bears maintaining control of the coin as investors’ scepticism for its survival mounts. Its 24-hour chart highlights a $0.4798 low and a $0.5323 high, showing high fluctuation levels.TerraForms’ CEO, Chris Amani, has announced that the company will dissolve and hand over Terra blockchain operations to the community. This comes after accepting a $4.47 billion settlement with the SEC despite having only $75 million in assets. The settlement includes a $3.58 billion disgorgement and a $420 million civil penalty. Although LUNA’s market cap is declining by 5%, its 24-hour trading volume is up 6% at $384,124,672 and $32,812,824, respectively, showing that all hope is not lost for the token.
Investors seeking the best coin to invest in have not lost sight of LUNA’s potential following Do Kwon and TerraForm’s exit. The token is up 22.51% from its $0.3783 all-time low.
#TerraLabs #terraClassicLunc #TerraClassicRising #BinanceTournament #BTCFOMCWatch
The Terra ecosystem has suffered a tremendous crash that many fear the token may not recover from. In May 2022, Terraform Labs’ UST stablecoin depegged significantly, with about half a trillion US dollars from the crypto market. In response, the company liquidated their BTC holdings to restabilize the coin. Fast-forward to June 2024, and LUNA is trading at a DeFi coin price of $0.5007, over a 97% dip from its all-time high of $19.54. The token has been in a year-long decline, recording 14.7% and 15.3% losses on its monthly and yearly charts. The current market conditions hint at the bears maintaining control of the coin as investors’ scepticism for its survival mounts. Its 24-hour chart highlights a $0.4798 low and a $0.5323 high, showing high fluctuation levels.TerraForms’ CEO, Chris Amani, has announced that the company will dissolve and hand over Terra blockchain operations to the community. This comes after accepting a $4.47 billion settlement with the SEC despite having only $75 million in assets. The settlement includes a $3.58 billion disgorgement and a $420 million civil penalty. Although LUNA’s market cap is declining by 5%, its 24-hour trading volume is up 6% at $384,124,672 and $32,812,824, respectively, showing that all hope is not lost for the token.
Investors seeking the best coin to invest in have not lost sight of LUNA’s potential following Do Kwon and TerraForm’s exit. The token is up 22.51% from its $0.3783 all-time low.
#TerraLabs #terraClassicLunc #TerraClassicRising #BinanceTournament #BTCFOMCWatch