Cremation Coin is now 30 million tokens away from overtaking Allnodes as the sixth-largest LUNC burner on LUNCDash.

Cremation Coin has burned a whopping 30.6 million Terra Classic (LUNC) as part of its weekly contribution to the Terra Classic burn initiative. The project now boasts 326 million token burns since it began its contributions to the campaign.

The Cremation Coin team called attention to the latest burn through its official Twitter handle today, soliciting more adoption to expedite the burns for this week. The burn transaction occurred at 02:46 (UTC) today and represents a portion of the project’s volume for last week.

Transactional proof of the burns…

Let's burn even more next week!https://t.co/xkjpHjAQWFhttps://t.co/DrwjZwGcMo$lunc #lunc #bnb #bsc #binance #luncburn #lunccommunity $shib #shib #btc $btc #1000x #crypto #cryptocurrency #luncarmy #CREMAT #CREMATburn #ETH $ETH #Ethereum pic.twitter.com/7B4MnoIO6D

— Cremation Coin 🔥Weekly LUNC Burns🔥 (@Cremation_Coin) April 4, 2023

Cremation Coin’s previous burn involved 18.3 million tokens last week. The latest burn brings the project’s total burns to 326.6 million LUNC tokens in three months. Nonetheless, LUNCDash puts its total burns at 314.4 million Terra Classic, having begun indexing its burns at a later date.

Despite the discrepancy, Cremation Coin has quickly moved to seventh position on the list of biggest Terra Classic burners, with just 30 million tokens away from overtaking prominent validator Allnodes as the sixth largest burner. Cremation Coin is also 109 million tokens away from reaching LUNC DAO’s total burns of 434 million.

This Week’s Burns

Cremation Coin’s 30.6 million burns represent 91% of this week’s total Terra Classic burn transaction, currently at 33.4 million LUNC. Besides Cremation Coin, LUNC DAO also contributed weekly to the campaign.

The LUNC DAO transaction occurred yesterday at 01:31 (UTC) and involved the incineration of 1.57 million tokens. LUNC DAO has remained consistent in token burns ever since the start of the burn initiative. Despite a reduction in burn rate, the validator has been incinerating millions of tokens occasionally.

#LUNC #LUNA #TERRA #crypto2023 #Binance

The disgraced firm founded by Do Kwon, Terraform Labs, has found itself a new interim CEO. Chris Amani, who was the COO and CFO from January 2022, will now be responsible for steering Terraform into safer, and, hopefully, more prosperous waters.

Terraform Labs was the first and arguably the most consequential implosion of 2022. Its flagship project, the Terra (UST) stablecoin, and its sister token Luna (LUNA), spectacularly collapsed in the spring of that year.

New Terraform Labs Leadership Has Work Cut Out

When the company fell apart, the domino effect wiped out billions of dollars of value from the crypto markets in a matter of days.

Terra collapsed to zero in 2022, causing a further industry meltdown. Source: CoinMarketCap

In March 2023, Kwon attempted to travel to Dubai using falsified documents and was arrested in Montenegro. Subsequently, Kwon faced several charges, including securities fraud, commodities fraud, wire fraud, and conspiracy.

It later emerged that Kwon had sent a significant sum of money to a law firm before the collapse of TerraUSD. South Korea and the United States both seek his extradition.

Chris Amani: “We Have A Vision”

Prior to his involvement with Terra in December 2021, Amani served as the CEO of Humanity, a computer software firm specializing in employee scheduling software.

The choice of Amani to head the firm is something of a surprise. In the case of other stunning downfalls, companies rarely reach for replacements so close to the top.

Considering that Amani arrived so soon before the disaster began, the choice is even more of a head-scratcher. The first thing in his inbox: to clean up Do Kwon’s mess. On that score, Amani says he has a plan.

“We have a vision for how we could salvage this, even though I think it’s going to be hard and it’s going to take a long time,” he told the Wall Street Journal. However, details so far have been thin.

What do we definitely know? First of all, Terraform Labs 2.0 does not see stablecoins are part of the company’s value offer. A welcome sign for those burned by the Terra/Luna fiasco. 

We Wish Do Kwon the Best, Says New CEO

Other than that, Amani is keeping tight-lipped. Like every other blockchain, Terraform Labs wants its continuing Terra product to provide “real utility.”

According to the WSJ interview with Amani, some 15 of the current employees of Terraform are from the days of the collapse. For his part, Amani has voiced a pragmatic attitude about how to move forward with the firm’s founder in jail.

On the topic of Do Kwon’s legal troubles, Amani said: “We wish Do the best, and we hope that he’s able to clear himself of all charges. But while he’s incarcerated and while he’s facing his own legal challenges, it just makes sense for us to continue on without him.”

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

#TERRA #LUNA #REXBOX #Binance #crypto2023

The price of Terra Classic (LUNC) was able to print a 24-hour gain according to CoinMarketCap. At press time, the altcoin’s price is up around 1.32% – taking its price up to $0.000126.

Not only did LUNC’s price strengthen against the Dollar, however. Currently, LUNC’s price is up 2.11% against Bitcoin (BTC) and 3.38% against Ethereum (ETH) as well.

4-hour chart for LUNC/USDT (Source: TradingView)

The 4-hour chart for LUNC shows that the altcoin’s price is trading within the consolidation channel between $0.00012469 and $0.00012697 at press time. The crypto’s price has attempted to break out of this channel twice already, however. The first attempt was at midnight on Friday and the second attempt occurred on Saturday evening.

Both attempts failed and LUNC’s price retracted back into the previously-mentioned price channel within the 4 hours that followed each attempt. As a result of these failed attempts at breaking out of the consolidation channel, LUNC’s price finds itself in a tough position at press time.

A bearish descending triangle pattern has formed on LUNC’s 4-hour chart given that LUNC’s price has established lower highs with each attempt at breaking out of the consolidation channel.

LUNC’s price is approaching the apex of this bearish chart pattern and, should it fail to break above it, will decline below $0.00012469 in the next 24-48 hours.

Should this bearish thesis be validated, LUNC’s price will look to drop to the next key support level at $0.00012091. A potential technical sign that this price drop will happen will be when the RSI line on LUNC’s 4-hour chart crosses below the RSI SMA.

#TERRA #luna #crypto2023 #Binance #cryptotrading

South Korean authorities are intensifying their efforts to crack down on the alleged crypto fraud involving Terra and Luna. The latest developments reveal that the prosecutors have seized assets worth KRW 414.5 billion (approx. $347 million) from the management team of Terra. The amount also includes Do Kwon’s alleged involvement of KRW 69 billion (approx. $57 million).

According to KBS News, prosecutors have also requested Binance to stop Do Kwon from withdrawing cryptocurrencies. Do Kwon is allegedly planning to exchange a large portion of his property for Bitcoin and transfer it to exchanges. The report further states that the prosecutors have put a freeze on Do Kwon’s domestic properties, including apartments in Seoul and land in Gyeonggi Province, Hwaseong, and Taean.

While the other members of the Terra management team face asset freezes, Do Kwon’s situation is reportedly different. Prosecutors have not found any assets that can be seized from him, as he allegedly transferred a significant portion of his assets to overseas exchanges in the form of Bitcoin.

The crypto fraud scandal involving Terra and Luna has been making headlines since last year. Prosecutors have accused the management team of fraudulently raising funds from investors by promoting their digital currencies as an alternative to stablecoins. The team allegedly misrepresented the assets backing the digital currencies and exaggerated their expected returns, which led to massive losses for investors.

South Korean authorities have been cracking down on crypto-related fraud cases, and the Terra and Luna scandal is one of the latest cases. The incident serves as a reminder to investors to exercise caution when investing in digital currencies and to thoroughly research the project before investing.

#TERRA #Dokwon #Korean #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Following a ruling against Terraform Labs and its co-founder Do Kwon in a fraud lawsuit, the company is considering the option of appealing the decision amid ongoing legal hurdles.
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On April 5, Terraform Labs and co-founder Do Kwon were found guilty by a Manhattan jury for defrauding investors, following SEC accusations. Terraform Labs plans to appeal the verdict, challenging the SEC’s jurisdiction and the jury’s decision. Additionally, Do Kwon faces further criminal charges in the US and South Korea related to the collapse of Terra’s LUNA cryptocurrency.

Terraform Labs and Co-Founder Do Kwon Face Civil Verdict Over Fraud Allegations
A jury in Manhattan delivered a significant civil verdict on April 5, ruling against Terraform Labs and its co-founder Do Kwon for defrauding clients. The allegations stemmed from charges brought forth by the US Securities and Exchange Commission (SEC), marking a notable development in the ongoing scrutiny of the cryptocurrency industry.

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The accusations centered around purportedly misleading investors about the stability of the UST stablecoin and making false claims regarding the utilization of their technology in the Korean payment system, Chai.
Following the verdict, Terraform Labs publicly expressed disagreement with the jury’s decision, contending that the case lacked clear arguments necessary for the jury’s determination. Moreover, they challenged the SEC’s authority to pursue the action.

The company announced its intention to carefully deliberate on the next course of action, hinting at the possibility of pursuing an appeal for support. This stance underscores the company’s resolute defense against the accusations and its steadfast commitment to contesting the legal outcomes.
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SEC Hails Verdict Against Terraform Labs as a Win for Investor Protection
Gurbir Grewal, Director of the SEC Enforcement Division, responded positively to the verdict, emphasizing the importance of regulatory compliance within the crypto industry. He highlighted the case as a glaring example of the significant losses incurred by investors due to the actions of Terraform Labs. Grewal’s remarks underscore the SEC’s vital role as a guardian of retail investors and the broader market. The judgment is intended to serve as a deterrent to other crypto entities, cautioning them against engaging in fraudulent practices.

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The SEC’s case against Terraform Labs aligns with its ongoing efforts to regulate the crypto market effectively. This ruling contributes to the formulation of future regulations and fosters investor confidence. The SEC aims to proactively combat fraud and enhance public awareness of the rapidly evolving cryptocurrency landscape. Consequently, the outcome of this case could shape future regulatory approaches in the crypto sphere for an extended period.
Legal Woes Mount for Do Kwon Amidst Terra’s LUNA Crypto Crash
In addition to the SEC lawsuit, Do Kwon faces criminal charges in both the US and South Korea related to the collapse of Terra’s LUNA cryptocurrency. These charges signify a deeper legal entanglement for Kwon, extending beyond civil proceedings.

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The extradition proceedings involving Kwon have encountered delays in Montenegro, where initial approval for extradition was later stayed by the Supreme Court. As a result, Kwon’s fate now rests with the Ministry of Justice, which will determine the next course of action.
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This legal saga has garnered international attention, casting a shadow over Terraform Labs and its global community. The uncertainty surrounding Kwon’s legal battles reverberates across the crypto sphere, underscoring the gravity of the situation for all involved parties.

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.

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#LUNC #USTC #TERRA #Dokown #BullorBear $USTC $LUNC $SOL

Daniel Shin, co-founder of Terra, is facing charges of fraud and violating capital markets laws in South Korea. The trial process for Shin began with a preliminary hearing held in Seoul on July 10th. Currently, seven former Terraform Labs employees are also being tried in the same case alongside Shin. The trial was originally scheduled to take place on May 26th but was postponed. The next preparatory date for Shin's trial has been set for August 28th. #TERRA

Fraud Charges and Asset Freezing:

In April, Shin was charged with fraud and violating capital markets laws. Prosecutors announced that during this process, Shin's assets worth 246 billion won or approximately 184 million dollars were frozen. With the collapse of Terra, about 80 billion dollars in value was wiped out from the cryptocurrency markets. It took until April 2023 for the crypto markets to return to their pre-Terra-collapse levels.

Terra and TerraUSD:

Daniel Shin, along with Do Kwon, co-founded Terraform Labs in 2018. Terra was built on a algorithmic stablecoin called TerraUSD. However, in May 2022, TerraUSD lost its peg to the US dollar, leading to the collapse of Terra. The collapse of Terra resulted in significant value being erased from the crypto markets. #terraluna

Do Kwon's Situation:

Terra's other co-founder, Do Kwon, is also facing legal troubles. Do Kwon was sentenced to four months in prison for passport forgery in Montenegro. After serving his sentence in Montenegro, both South Korea and the United States made efforts to extradite Do Kwon. In early June, local media reported that Do Kwon had been detained for extradition while Montenegro evaluated South Korea's extradition request. However, it is stated that the extradition process could take up to six months. In March, Do Kwon was charged with securities fraud by New York authorities and also faced charges from the SEC. #DoKwon

In Summary:

Daniel Shin, co-founder of Terra, is facing charges of fraud and violating capital markets laws in South Korea. Shin's trial is ongoing, with the next preparatory date set for August 28th. Terra's other co-founder, Do Kwon, is also dealing with legal issues. The collapse of Terra and TerraUSD resulted in significant value being wiped out from the crypto markets, and it took until April 2023 for the markets to return to their previous levels. $LUNC $LUNA $USTC