Coin exchange rate
$BTC 63762.277 USD (+1.23%) 🟢$LUNC 0.00010742 USD (+0.02%) 🟢$LUNA 0.59382755 USD (-0.21%) 🔴In addition to the recent upgrades, Terra Luna Classic is tailoring itself for future developments that may continue to affect its ecosystem. One of the worthy endeavors is the scheduled 800 million USTC burn that will cut the stablecoin’s circulating volume. This initiative suggests the migration of the contract and will need community consent before it is put into action.
Furthermore, the Terra Luna Classic community is still an active participant in the testing purposes and further development of the system. The new Mantlemint test is simply another milestone in trying to verify the network’s capability to support broader applications and enhanced transaction traffic. Such endeavors stress on the community’s dedication to ensuring a strong and effective blockchain infrastructure.
Concurrently, the Terra Luna Classic project continues to enjoy strong support from major industry players, including Binance, which has played a role in the LUNC burn mechanisms. As earlier reported by Coingape, Binance revealed a burn of 1.4 billion LUNC tokens, which significantly contributes to the exchange’s total of over 57.66 billion LUNC tokens burned.
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
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Latest Update in SEC’s $5 Billion Lawsuit Against Terra (LUNA): Key Developments & Implications for Crypto Investors
The SEC and Terraform Labs are locked in a legal battle over alleged fraudulent activities, with the SEC demanding a hefty $5.3 billion fine. This article delves into the details of the case and its implications for the crypto industry.
SEC’s Accusations Against Terraform Labs and Do Kwon
The SEC has countered this claim, arguing that Terraform Labs “targeted US investors” and therefore should pay a heavy penalty of $5.3 billion, most of which is compensation. However, Terraform’s lawyers have objected to this, stating, “… the SEC has not presented any evidence that the Defendants’ limited activities in the US directly led to any losses, losses in the US are far below the billions of dollars the SEC is demanding.”
Previous Allegations and Legal Proceedings
The SEC had previously accused Terraform Labs and its co-founder Do Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST). This accusation came after UST dramatically crashed a year ago. Last month, a jury found both Terraform Labs and Kwon guilty of misleading investors, holding them legally responsible for fraud.
The Impact on Algorithmic Stablecoins
Algorithmic stablecoins like UST use market incentives through algorithms to maintain a stable price. Terra was linked to Luna, a governance token used to balance prices. However, UST crashed in May 2022, resulting in a loss of more than $50 billion. The ongoing legal battle between Terraform Labs and the SEC continues, maintaining uncertainty about the future of the company and cryptocurrencies.
Conclusion
The legal tussle between Terraform Labs and the SEC is a significant development in the crypto space, highlighting the regulatory challenges that crypto companies face. The outcome of this case could set a precedent for future legal actions against crypto companies, particularly those dealing with stablecoins.
The SEC and Terraform Labs are locked in a legal battle over alleged fraudulent activities, with the SEC demanding a hefty $5.3 billion fine. This article delves into the details of the case and its implications for the crypto industry.
SEC’s Accusations Against Terraform Labs and Do Kwon
The SEC has countered this claim, arguing that Terraform Labs “targeted US investors” and therefore should pay a heavy penalty of $5.3 billion, most of which is compensation. However, Terraform’s lawyers have objected to this, stating, “… the SEC has not presented any evidence that the Defendants’ limited activities in the US directly led to any losses, losses in the US are far below the billions of dollars the SEC is demanding.”
Previous Allegations and Legal Proceedings
The SEC had previously accused Terraform Labs and its co-founder Do Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST). This accusation came after UST dramatically crashed a year ago. Last month, a jury found both Terraform Labs and Kwon guilty of misleading investors, holding them legally responsible for fraud.
The Impact on Algorithmic Stablecoins
Algorithmic stablecoins like UST use market incentives through algorithms to maintain a stable price. Terra was linked to Luna, a governance token used to balance prices. However, UST crashed in May 2022, resulting in a loss of more than $50 billion. The ongoing legal battle between Terraform Labs and the SEC continues, maintaining uncertainty about the future of the company and cryptocurrencies.
Conclusion
The legal tussle between Terraform Labs and the SEC is a significant development in the crypto space, highlighting the regulatory challenges that crypto companies face. The outcome of this case could set a precedent for future legal actions against crypto companies, particularly those dealing with stablecoins.
Coin exchange rate
$BTC 64512.588 USD (+1.18%) 🟢$LUNC 0.00011599 USD (+7.98%) 🟢$LUNA 0.63858537 USD (+7.54%) 🟢LUNC technical analysis: Bears rally post bullish surge
The Terra Luna Classic price prediction for 2024 factors in the asset's performance over the past year, influenced by developments, market volatility, and overall trends in the cryptocurrency landscape.
As the period of analysis began, LUNC was seen slightly above the pivotal mark of $0.000110. However, this position was short-lived, as bearish tendencies took the reins by mid-April. Furthermore, this pushed the altcoin’s value to settle just above the $0.000087 threshold.
June saw LUNC's price stabilize at this level, with an evident power struggle between buyers wanting to push prices up and sellers aiming to drive them down. This balance persisted until mid-July, after which sellers dominated the market, driving LUNC down to its lowest support level at $0.000056 by mid-September.
The narrative began to shift as October's market winds blew favorably for the bulls, catalyzing a vigorous rally that saw LUNC ascend to a peak resistance level of $0.000200 by November. The exuberance of this rally waned come December, ushering in a downtrend that saw LUNC descend past the critical support level of $0.000110 by January.
Undeterred by this setback, buyers rallied once again, elevating LUNC's price back to the $0.000200 benchmark by March. Yet, this resurgence was met with resistance, culminating in a price correction that morphed into a downtrend, effectively pulling prices down past the once steadfast $0.000110 level in April.
At the close of the analysis period, LUNC was being traded at $0.000098. The token’s current market sentiments signify a bearish dominance. According to CoinMarketCap, LUNC witnessed a 27% depreciation in price over the past month, with its trading volume plunging by 22% over the past 24 hours.
The crypto’s native community has rejected the proposal to form a core team and govern new developmental changes. Furthermore, a report by AMBCrypto stated that Terraform Labs’ co-founder.
The Terra Luna Classic price prediction for 2024 factors in the asset's performance over the past year, influenced by developments, market volatility, and overall trends in the cryptocurrency landscape.
As the period of analysis began, LUNC was seen slightly above the pivotal mark of $0.000110. However, this position was short-lived, as bearish tendencies took the reins by mid-April. Furthermore, this pushed the altcoin’s value to settle just above the $0.000087 threshold.
June saw LUNC's price stabilize at this level, with an evident power struggle between buyers wanting to push prices up and sellers aiming to drive them down. This balance persisted until mid-July, after which sellers dominated the market, driving LUNC down to its lowest support level at $0.000056 by mid-September.
The narrative began to shift as October's market winds blew favorably for the bulls, catalyzing a vigorous rally that saw LUNC ascend to a peak resistance level of $0.000200 by November. The exuberance of this rally waned come December, ushering in a downtrend that saw LUNC descend past the critical support level of $0.000110 by January.
Undeterred by this setback, buyers rallied once again, elevating LUNC's price back to the $0.000200 benchmark by March. Yet, this resurgence was met with resistance, culminating in a price correction that morphed into a downtrend, effectively pulling prices down past the once steadfast $0.000110 level in April.
At the close of the analysis period, LUNC was being traded at $0.000098. The token’s current market sentiments signify a bearish dominance. According to CoinMarketCap, LUNC witnessed a 27% depreciation in price over the past month, with its trading volume plunging by 22% over the past 24 hours.
The crypto’s native community has rejected the proposal to form a core team and govern new developmental changes. Furthermore, a report by AMBCrypto stated that Terraform Labs’ co-founder.
Coin exchange rate
$BTC 63701.361 USD (-1.2%) 🔴$LUNC 0.00010569 USD (-9.08%) 🔴$LUNA 0.60284760 USD (-5.69%) 🔴Terra Luna Classic community has rejected a crucial proposal on preventing validators from running multiple nodes on the chain. The proposal received some votes in favor from validators, but top validator Allnodes voted “No” citing “No enforceable rules should not be created on permissionless blockchains” as the reason.
Terra Luna Classic Proposal Rejected
Proposal 12101 “Rules to prevent double & network validating” has failed to pass governance vote. The proposal aimed ar tackling the emergence of validators running multiple nodes on the chain, posing a risk to the decentralization and security of the network.
The proposal received nearly 38% “Yes” votes, along with 37% “No”, 21% “No with veto” and 4% “Abstain” votes. The proposal has not received support from validators and delegators. Out of 45 validators who participated in the voting, only 20 validators including Interstellar Lounge, HappyCattyCrypto, TerrCVita, LBUN Project, and StakeBin voted in favor of the proposal.
As CoinGape reported earlier, this measure addresses concerns about potential risks to the network’s security and decentralization. Validators currently operating multiple nodes would need to revert to a single-node operation. Non-custodial providers must enforce these restrictions rigorously. The proposal seeks to diminish the likelihood of Sybil attacks, where one entity controls multiple nodes, thus compromising the network’s integrity.
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LUNC price jumped 5% in a day amid market-wide buying. The price is currently trading at $0.0001096. The 24-hour high and low are $0.0001047 and $0.0001097, respectively. Moreover, trading volume has increased slightly in the last 24 hours.
Meanwhile, USTC price climbed 1% in the last 24 hours, with the price currently trading at $0.01981. The 24-hour low and high are $0.01941 and $0.01992, respectively.
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Coin exchange rate
$BTC 62184.89 USD (-2.09%) 🔴$LUNC 0.00010709 USD (+1.33%) 🟢$LUNA 0.64692332 USD (+7.27%) 🟢In Terra (LUNA) v. SEC, attorneys representing Terraform Labs are fighting the U.S. Securities and Exchange Commission (SEC) after the agency sought billions of dollars in fines. The firm’s legal team argues that the token sales occurred “almost entirely outside the United States,” according to a brief filed Wednesday.
The SEC disputed this claim, arguing that Terraform Labs “targeted US investors” and therefore should pay a hefty $5.3 billion penalty, mostly in damages. However, Terraform’s lawyers disputed this, stating, “…the SEC has presented no evidence that Defendants’ limited activities in the United States directly caused any losses, losses in the United States far below the billions of dollars requested by the SEC.” said.
The SEC had previously charged Terraform Labs and its co-founder Do Kwon over the algorithmic stablecoin Terra USD (UST) in February 2023. This accusation followed the dramatic collapse of the IHR a year ago. Last month, a jury found both Terraform Labs and Kwon guilty of misleading investors and held them liable for civil fraud.
Algorithmic stablecoins like UST use market incentives through algorithms to maintain a stable price. Terra was linked to Luna, a governance token used to stabilize prices. However, the IHR collapsed in May 2022, resulting in a loss of more than $50 billion. The ongoing legal battle between Terraform Labs and the SEC continues as the future of the company and its cryptocurrencies remains uncertain.
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Coin exchange rate
$BTC 61220.175 USD (-1.55%) 🔴$LUNC 0.00010424 USD (-2.65%) 🔴$LUNA 0.61186052 USD (-5.42%) 🔴The Terra Luna Classic price (LUNC) bounced 4% on Wednesday despite a governance proposal to prevent double network validating falling flat and stagnant trading activity across the broader crypto market.
Critics of the proposal pointed out that it would prevent some providers of managed node validator services from operating.
Others pointed out that it would be un-actionable, as node validators could choose to ignore the proposal anyway.
The Terra Luna Classic price (LUNC) is trading around $0.0001060, with its 21DMA acting as a magnet.
LUNC pushed as high as the $0.00012s earlier this week but quickly reversed after finding resistance at its 50DMA.
The failure to break above the $0.00012 resistance zone shows that bulls are yet to regain control.
That’s unsurprising, with the broader crypto market stuck within recent ranges.
Bitcoin (BTC) failed to break above its 50DMA earlier this week and fell back to $ 62,000.
The cryptocurrency market is currently lacking bullish narratives. Bitcoin is stuck in its typical post-halving lull ahead of summer, which is typically not a good time of year for crypto, and spot Bitcoin ETF demand has eased as markets await potential Fed rate cuts at the end of 2024.
Ethereum ETF applications are also likely to be rejected by the SEC later this month. Concerns about US regulatory enforcement against the crypto sector were also in focus this week after the SEC’s Robinhood Wells Notice.
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Despite having pulled back from earlier weekly highs above $0.00012, LUNC is still up more than 45% versus last week’s lows.
The cryptocurrency just snapped a downtrend that had been in play since early March, suggesting the technical outlook has improved substantially.
That said, for the LUNC price to continue higher, it must break sustainably above $0.00012 resistance.
Traders don’t typically pay much attention to developments in the LUNC community.
Since the collapse of the Terra ecosystem back in May 2022, Terra has basically become a ghost chain.
Pretty much all of its prior users, developers, investors, and community have left the token, and LUNC has become highly speculative, akin to a meme coin.
The token pumps at times of market optimism, like in early March when Bitcoin was hitting new record highs.
And then, LUNC dumps as that optimism fades. Very few LUNC buyers are long-term holders who expect a revival of the blockchain.
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$BTC 63133.02 USD (+3.12%) 🟢$LUNC 0.00010720 USD (+2.84%) 🟢$LUNA 0.62008728 USD (+1.34%) 🟢Better Alternative to Consider – Wiener AI (WAI)
Investors tempted to jump into a risky, speculative coin like LUNC obviously have a high-risk tolerance.
This appetite towards risk might be better served with a different strategy that, while also risky, has higher upside potential.
The strategy in question is crypto presale investing, which involves buying the tokens of startup crypto projects before they release a product.
A fun new AI meme coin called Wiener AI (WAI) has caught the attention of analysts at Cryptonews, for example.
The Sausage dog-themed meme coin offers a suite of handy AI trading capabilities and has already raised over $1.3 million.
Interested investors may want to move quickly, as the WAI price will rise when the $1.66 million presale target is hit.
Currently priced at $0.000705, investors are buying WAI at a market cap of around $45 million.
However, investors could look at gains of 10x or more if WAI becomes a market leader.
20% of the supply has been allocated to staking rewards, with presale investors currently earning a massive 721% APY.
At this rate, investors can double their initial presale investment in under one month.
Investors tempted to jump into a risky, speculative coin like LUNC obviously have a high-risk tolerance.
This appetite towards risk might be better served with a different strategy that, while also risky, has higher upside potential.
The strategy in question is crypto presale investing, which involves buying the tokens of startup crypto projects before they release a product.
A fun new AI meme coin called Wiener AI (WAI) has caught the attention of analysts at Cryptonews, for example.
The Sausage dog-themed meme coin offers a suite of handy AI trading capabilities and has already raised over $1.3 million.
Interested investors may want to move quickly, as the WAI price will rise when the $1.66 million presale target is hit.
Currently priced at $0.000705, investors are buying WAI at a market cap of around $45 million.
However, investors could look at gains of 10x or more if WAI becomes a market leader.
20% of the supply has been allocated to staking rewards, with presale investors currently earning a massive 721% APY.
At this rate, investors can double their initial presale investment in under one month.
LUNC Picks Up 13% Despite Trashed Key Terra Classic Proposal
Last weekend, Terra Luna Classic (LUNC) rejected a key governance proposal to prevent the chain’s validators from launching multiple validators on the network. Proposal #12101 seeks to impose a single-validator rule, which has been called “un-actionable” and “pointless” by certain validators like SolidVote.
While most members agree the proposal to limit validator nodes has good intentions, the strategy would be hard to realize because Terra chain validators can simply ignore the implemented rules. Breaking down the voting results, almost 38% of Terra Classic community members voted ‘Yes’, while 37% voted ‘No’, and another 21% vetoed the proposal.
Despite the Terra Luna Classic community being divided into two camps over LUNC chain validator policy, the embattled Layer-1 altcoin inked 8.6% gains to trade at $0.0001162 as of press time. While the validator limit proposal tackles centralization issues due to unlimited validator nodes, a resubmission of the proposal is likely soon.
Last weekend, Terra Luna Classic (LUNC) rejected a key governance proposal to prevent the chain’s validators from launching multiple validators on the network. Proposal #12101 seeks to impose a single-validator rule, which has been called “un-actionable” and “pointless” by certain validators like SolidVote.
While most members agree the proposal to limit validator nodes has good intentions, the strategy would be hard to realize because Terra chain validators can simply ignore the implemented rules. Breaking down the voting results, almost 38% of Terra Classic community members voted ‘Yes’, while 37% voted ‘No’, and another 21% vetoed the proposal.
Despite the Terra Luna Classic community being divided into two camps over LUNC chain validator policy, the embattled Layer-1 altcoin inked 8.6% gains to trade at $0.0001162 as of press time. While the validator limit proposal tackles centralization issues due to unlimited validator nodes, a resubmission of the proposal is likely soon.
Coin exchange rate
$BTC 60971.556 USD (-3.43%) 🔴$LUNC 0.00010325 USD (-3.68%) 🔴$LUNA 0.59175846 USD (-4.57%) 🔴Black Swan Survivor LUNC Surges 13%
Coinciding with Terra’s malfunctioning stablecoin Terra Classic USD (USTC) massive 28% spike to $0.0233, LUNC’s price trajectory received a significant boost on May 2, scorching above the $0.0001 confluent support line after dropping below this decisive price range on April 30.
Thanks to Binance’s LUNC burning contributions, the circulating LUNC supply is now heavily reduced, with 5,799,402,152,117 LUNC tokens left in circulation. Binance’s latest monthly burning ceremony saw 1.5B LUNC tokens destroyed, but the effort was significantly smaller than the cumulative burns executed in April.
The 140% upswing in Terra Classic’s 24-hour trading volume contributed towards the surge, and LUNC added $100 million to its global market cap since May 2. The milestone was followed by an overbought condition on LUNC’s trading charts, as this indicator points to 75.12. Volatility-wise, the tight Bollinger Bands are gradually widening, implying that LUNC price volatility will likely expand in the coming days.
Coinciding with Terra’s malfunctioning stablecoin Terra Classic USD (USTC) massive 28% spike to $0.0233, LUNC’s price trajectory received a significant boost on May 2, scorching above the $0.0001 confluent support line after dropping below this decisive price range on April 30.
Thanks to Binance’s LUNC burning contributions, the circulating LUNC supply is now heavily reduced, with 5,799,402,152,117 LUNC tokens left in circulation. Binance’s latest monthly burning ceremony saw 1.5B LUNC tokens destroyed, but the effort was significantly smaller than the cumulative burns executed in April.
The 140% upswing in Terra Classic’s 24-hour trading volume contributed towards the surge, and LUNC added $100 million to its global market cap since May 2. The milestone was followed by an overbought condition on LUNC’s trading charts, as this indicator points to 75.12. Volatility-wise, the tight Bollinger Bands are gradually widening, implying that LUNC price volatility will likely expand in the coming days.