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Earlier on Monday, September 26, South Korean prosecutors confirmed that Interpol has issued a red notice for Terra founder Do Kwon. As a result, Interpol will ask law enforcement worldwide to locate and arrest Terraform’s chief.
Earlier this year, the Terra ecosystem collapsed with the de-pegging of its UST stablecoin. This led to the erosion of more than $60 billion in investors’ wealth. The prosecutors said that Kwon is facing charges for the wipeout of investors’ money.
Along with Terra founder Do Kwon, South Korean prosecutors have also accused five others of crimes related to breach of capital-markets law. Earlier this year, Kwon had moved from Seoul to Singapur, making it the base for Terraform Labs. However, his location has been very unclear in Singapore since September 17. The Singapore police have confirmed that Kwon is no longer there.
Earlier this month, the Terra founder said that he would be cooperating with the investigative agencies. In his Twitter thread, Kwon said:
I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide.
We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months
However, a day later, the South Korean prosecutors said that Do Kwon was “not cooperating,” and was “obviously on the run”.
Soon following the news, the price of Terra Classic (LUNC) collapsed by more than 10 percent. As of press time, LUNC is trading at a price of $0.000206 and a market cap of $1.26 billion. Similarly, the price of Terra (LUNA) has also tanked by 15 percent in the last 24 hours.
The crash of LUNA tokens also led to the collapse of the high-profile crypto hedge fund – Three Arrows Capital. This led to a cascading effect impacting several other crypto lenders in the market. Some of the crypto lenders facing bankruptcy are Voyager Digital and others.
Speaking to TechCrunch, a spokesperson for the South Korean prosecutors said that the notice against Kwon could set a wrong precedence for the crypto industry and can stifle innovation. This would especially be true if the Terra founder didn’t defraud investors and customers willingly.
The collapse of the Terra stablecoin has also led to greater regulatory scrutiny in the market. Last week, the House of Financial Services Committee issued a proposal noting that they wanted to introduce a two-year ban on creating and issuing algorithmic stablecoins like Terra.
All credit goes to the original author, view more at https://www.crypto-news-flash.com/breaking-interpol-issues-red-notice-for-terra-luna-and-terra-luna-classic-founder-do-kwon/
Despite recent price corrections, Terra Classic (LUNC) is trading 62% higher than in the last 30 days.
CoinGecko data reveals that LUNA Classic (LUNC) is exchanging hands for 62% more than it was in the last 30 days despite double-digit percentage price corrections.
For perspective, LUNC is trading 13.4% lower in the last 24 hours and 27.2% lower in the last seven days. Notably, the asset has printed six consecutive bearish daily candles in the past week. Moreover, the recent price performances from the token widely contrast the almost 300% price surge earlier this month in response to the excitement surrounding plans to implement a 1.2% tax burn on on-chain transactions.
Notably, the token price has been on a free fall since the implementation of the tax parameter change last Wednesday. It bears mentioning that the results of the tax burn so far have been underwhelming as the community is yet to get the support of central exchanges to implement the tax on off-chain transactions as well.
While lower prices are good for the burn initiative, as they allow traders to command greater volume at a relatively low cost, it appears that traders have not taken advantage of the recent market corrections as on-chain volume appears significantly low compared to previous weeks.
As reported by The Crypto Basic earlier today, the tax burn since implementation has permanently removed only 1.5 billion LUNC from the total supply and, at this rate, will remove only about 113 billion in a year. However, this could change with increased volume and support from central exchanges seeing large volumes of off-chain transactions.
The community remains determined to revive the chain and write an extraordinary crypto comeback story. LUNC is currently trading at the $0.00019848 price point.
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All credit goes to the original author, view more at https://thecryptobasic.com/2022/09/26/terra-classic-lunc-still-up-62-in-the-last-30-days/
Terra Classic (LUNC) is most unprofitable crypto of week among top 100 by market cap
LUNC or Terra Classic, a shard from infamous once multi-billion-dollar Terra, has become the most unprofitable asset among the top 100 largest cryptocurrencies by market capitalization by CoinMarketCap. The cryptocurrency lost nearly 25% of its value during the week, with the biggest drop occurring in the final days of it.
The reason for the drop in the recent days was the disclosure of details on the burning of LUNC on the global cryptocurrency exchange Binance, where the project has perhaps the most liquidity. While many LUNC enthusiasts had expected an implementation of a token burning tax when a transaction is made with it on Binance, exchange head Changpeng Zhao denied such a decision.
Instead, CZ introduced a subscription for each user to burn the cryptocurrency and said that a full-fledged solution should only be expected when more than 50% of LUNC trading volumes are done with the subscription. While Terra Classic has a total supply of 6.9 trillion tokens, only 800 million LUNC were burned on the exchange on the first day after the update was implemented.
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In the background, the search for Do Kwon, the founder of the crypto start-up wanted by the South Korean and Singaporean police in the Terra collapse case, continues unabated.
Do Terra and LUNC have a future, and are they expected to return to the top of the rankings? It is unlikely. The project may be trying to exist due to new enthusiasts entering as a result of the recent big pump, but it seems to only be a temporary phenomenon, cleverly managed by the market makers.
LUNA Classic (LUNC) is the original Terra LUNA coin that weathered the Terra Luna collapse followed by the hard fork: the emergence of the new Terra 2.0 chain and rebranding of the old coin. Terra is the name of the new chain, while LUNA Classic (LUNC) is the native coin of the original Terra LUNA network.
Who are the largest holders of LUNC, and how high is the concentration of terra classic whales? Here we take a look at the LUNC circulating supply and who owns the most Terra Classic crypto.
The old luna coin was part of a dual-token system along with Terra’s sister token, US dollar-pegged stablecoin Terra USD (UST). The Terra ecosystem was developed by South Korea-based Terra Labs, founded by Do Kwon, a former computer science student at Stanford university.
Terra USD was an algorithmic stablecoin, meaning that it was pegged to the US dollar by algorithms and game theory, using a series of smart contracts.
The old luna had a vital role in stabilising UST price and minimising market volatility. It was used for network fees, governance, to maintain the proof-of-stake (PoS) consensus mechanism and minting.
The dual-token system involved a mechanism whereby to create a new UST the same amount of LUNA in dollars was burnt. Therefore, $1 in LUNA could be swapped for one UST coin, and vice versa.
Early in May 2022, the Terra Luna cryptocurrency suffered a price collapse as UST lost its peg. The so-called ‘black swan’ event caused LUNA to fall from the all-time high of $119.18 on 5 April to an all-time low of $0.00001675 on 13 May.
When UST depegged from the USD on 9 May, UST redemptions massively inflated the LUNA supply, driving the price down by 99%. The UST crash happened as the algorithms could not keep up, forcing the Luna Foundation Guard and its governance team to sell their bitcoin (BTC) reserves to save the stablecoin.
This resulted in the sharp decline in the price of LUNA. Numerous cryptocurrency exchanges, including Binance (BNB), delisted the Luna and UST pairings after the crash that sent shockwaves throughout cryptocurrency markets.
As a part of Kwon’s revival plan, the Terra blockchain underwent a hard fork, and the old LUNA token was rebranded as Terra Classic (LUNC). Meanwhile, a new token was created, which took the name LUNA.
According to CoinMarketCap data, as of 23 September, LUNC’s supply was capped at 6.9 trillion LUNC tokens, with a circulating supply of 6.15 trillion coins. LUNC was trading at $0.0002707 and had a market cap of $1.66bn at the time of writing (23 September).
Moreover, the data suggested there were 11,782 active wallet addresses for LUNC, as of 23 September, up 14.27% from 10,310 on 24 June.
Who owns the most Terra Classic crypto? According to the data from the Luna Rich List, as of 23 September, TerraForm Labs was the biggest terra classic holder, with a balance of 432.71 million LUNC tokens.
The second-largest wallet held 67.48 million tokens, but its owner’s identity was anonymous. It could be Do Kwon or another insider. But there is no evidence to say who it is.
With a balance of 29.23 million coins, the cryptocurrency exchange Binance was the third-largest wallet holder of terra classic tokens.
Coinone, a cryptocurrency exchange based in South Korea, was ranked 35th among the top 100 wallet holders, with 1.54 million tokens. Lastly, the Huobi exchange had 381,228 tokens.
On 13 May, Terra Classic token fell to a record low of $0.000001675. As of 23 September, its price jumped to $0.000271. However, it still trades more than 99.99% below its all-time high price.
When investors lost money in UST and LUNA, Do Kwon was charged with violating Capital Markets Act with the South Korean police issuing a warrant. Currently (23 September), Do Kwon’s present whereabouts are unclear. South Korean police are reportedly requesting Interpol to issue a “red notice” for him, according to the Financial Times.
On Saturday, the Singapore Police Force verified to the press that Kwon was no longer in the city-state. It was previously thought that Kwon was in Singapore.
Do Kwon posted in his defence on Twitter that he is not on the run, is cooperating fully with the police and has nothing to hide.
We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months
— Do Kwon ???? (@stablekwon) September 17, 2022
He also mentioned: “You have no right to know my GPS locations unless we are friends, have arrangements to meet, or are participating in a GPS-based Web3 game.”
While it’s important to be aware of who owns the most LUNC, it shouldn’t be used as a substitute for your own research. Remember, cryptocurrency markets are highly volatile.
Always conduct your own due diligence before trading, looking into the latest news, technical and fundamental analysis and a wide range of analyst commentary.
Remember, past performance does not guarantee future returns. And never trade money you cannot afford to lose.
According to the data from the Luna Rich List, as of 23 September, TerraForm Labs was the biggest terra classic holder, with a balance of 432.71 million Terra Classic tokens.
Terraform Labs, which developed Terra crypto, was founded in 2018 by Do Kwon and Daniel Shin in Seoul, South Korea. Terraform Labs released its first cryptocurrency token, LUNA, in July 2019.
No, Terra employs Cosmos SDK, a platform that enables developers to build unique blockchains and decentralised apps (dApps).
All credit goes to the original author, view more at https://capital.com/terra-classic-who-owns-most-lunc-crypto-tokens
Cryptocurrencies are trading volatile tracking feeble global equities after recession fears in major economies like the US and Europe sparked. The US Fed’s aggressive approach to tame inflation at the cost of economic growth further dampened the mood. Fed has hiked the rate by another 75 basis points. Wall Street and European stocks slipped sharply last week, while energy prices settled lower and bond yields climbed to multiyear highs. The American currency scaled past the 111 level against a basket of currencies — making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.
On CoinMarketCap, at the time of writing, the global crypto market is at $939.57 billion up by 0.28% over the last day. However, total crypto market volume dropped nearly 37% over the last 24 hours and is at $49.82 billion.
Meanwhile, the total volume in DeFi is currently at $3.11 billion — 6.25% of the total crypto market 24-hour volume. The volume of all stablecoins is now $45.65 billion which is 91.63% of the total crypto market 24-hour volume.
Ethereum is the top trending cryptocurrency today followed by PancakeSwap and XRP.
The crypto leader Bitcoin is trading at a little over 19,000 mark at $19,090 up by 0.5%. Its market cap is nearly $366 billion. The digital coin’s dominance is currently up by 0.12% over the day at 38.95%.
Meanwhile, the second largest cryptocurrency Ethereum is performing near $1,331 and is up by 0.75%. Its market cap is around $163.3 billion.
Recently, Ethereum launched the most-awaited Merge which led to a transition of proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
Data from Coinglass showed that Ethereum has liquidated more than $759 million since September 15.
However, both Bitcoin and Ethereum have dipped by nearly 5% and 9% respectively in the last seven trading sessions.
Among top-performing cryptocurrencies in the last 24 hours are — Reserve Rights climbing by 9.5% followed by Chainlink up 5.5%. Algorand, Chiliz, and eCash surged by 4-5.5%.
On the other hand, Terra Classic Lunc took lead in the laggards list by plunging more than 7%, followed by XDC Network shedding nearly 5%, Stellar and DogeCoin tumbling more than 3% each. Axie Infinity, Helium, Nexo, Celsius, and Synthetix dived between 2-3%.
Terra tokens are under pressure as currently, Terraform Labs CEO Do Kwon is facing multiple jurisdictions. An arrest warrant has been issued by the Seoul Southern District Prosecutors Office against Kwon who is the forefather of TerraUSD algorithmic stablecoin and sister token Luna that wiped out reportedly $60 billion in the cryptocurrency market. Kwon’s whereabouts are unknown, although, the co-founder of Terra tokens denied rumours of being on the ‘run’ from government agencies.
Last week, US Fed in its latest policy statement said, “the Committee is highly attentive to inflation risks.”
FOMC further said, in support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt, and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that was issued in May.
FOMC is committed to returning inflation to its 2% objective.
All credit goes to the original author, view more at https://www.livemint.com/market/cryptocurrency/crypto-market-volatile-terra-classic-lunc-leads-the-laggards-bitcoin-above-19k-11664094676479.html
The historic Terra ecosystem collapse, which wiped out market values for TerraUSD (UST) and LUNA tokens, continues to scare investors as co-founder Do Kwon, crypto exchanges, and the community collaborate for a sustainable price recovery, as reported by Cointelegraph.
According to Cointelegraph, Changpeng ‘CZ’ Zhao, CEO of cryptocurrency exchange Binance, recently proposed a flat 1.2% trading fee on LUNC trades that may be burned in order to limit the token’s total supply and increase its price performance. CZ addressed the community, saying, “We will implement an opt-in button (on the Binance exchange), for people to opt-in to pay a 1.2% tax for their LUNC trading.”
However, the exchange would start taxing opt-in traders after obtaining the approval of 25% of LUNC investors, ensuring that early adopters “are not the only few paying an extra 1.2%.” Only once opt-in traders account for 50% of total LUNC trading volume on the exchange will a 1.2% blanket trading tax be applied for all LUNC trading.
The recommendation divided the LUNA community, with some supporting CZ’s choice to incorporate the opt-in button and others viewing it as market manipulation by a centralised entity.
CZ supported LUNC burning but believes in community voting, allowing platform traders to ratify the proposal, saying, “We listen to and safeguard our users.” The entrepreneur is aware, however, that unless the modification is applied across all exchanges and on-chain, LUNC traders will prefer to move assets to other exchanges that do not have the burn, as reported by Cointelegraph.
(With insights from Cointelegraph)
Also Read: Metaform and XP&DLand unveils Durga puja on metaverse called MetaPujo
All credit goes to the original author, view more at https://news.bitcoin.com/value-locked-in-defi-drops-to-lows-not-seen-since-march-ethereum-dominates-tvl-by-57/
The abrupt collapse of the Terra ecosystem in May 2022 was a ‘black swan’ event, with damaging consequences for its investors and the whole cryptocurrency community.
Since the collapse of Terra, the cryptocurrency market has been in turmoil, with major coins like Bitcoin (BTC), Ethereum (ETH) losing value.
Before the crisis, UST, Terra’s stablecoin, had a market value of more than $18bn. After the Terra network crash, Do Kwon, who created the blockchain technology firm Terraform Labs that developed the Terra ecosystem, designed a plan to revive the project.
The plan saw a hard fork and the creation of a new chain, Terra (LUNA). The old Terra Chain was renamed Terra Classic (LUNC).
Will LUNC bounce back? Here we take a look at the latest news and other factors shaping the LUNC/USD forecast.
The Terra network, a DeFi project, and its co-founder and creator Do Kwon rose to prominence in the cryptocurrency market in May 2022.
The price of TerraUSD (UST), an algorithmic stablecoin, started to de-peg from the US dollar on 7 May and fell to $0.35 on 9 May.
According to CoinMarketCap, its sister token, LUNA, which was meant to stabilise UST’s price in a dual-token system, fell from $86.7 on 4 May to $0.00001675 on 13 May, a record low.
Do Kwon submitted the “Terra Ecosystem Revival Plan” on Terra’s development forum. He suggested constructing a new blockchain via a hard fork and distributing the new tokens to community members in proportion to their holdings of UST and LUNA.
Validators on the network accepted the proposal and two weeks later the new Terra blockchain was revealed. The name of the new token was LUNA. The old chain was renamed Terra Classic (LUNC).
LUNC, which uses a proof-of-stake (PoS) consensus mechanism, served as the old network’s native governance and utility token.
According to ICO Drops, LUNC’s initial coin offering (ICO) concluded in March 2019 at a token price of $0.80. As of 23 September, LUNC was trading substantially below its ICO price. According to CoinMarketCap, LUNC has delivered a return on investment (ROI) of -99.98%.
The LUNC/USD price action remained sideways from its inception until January 2021. In 2021, its price surged from $0.90 on 24 January to $21.98 on 21 March, an increase of 2,342%. During this period, the broader cryptocurrency market was bullish, and many cryptocurrencies achieved their all-time highs.
Amid bearishness and retracement in the broader cryptocurrency market, LUNC fell to $4.10 on 23 May 2021, a drop of more than 81% from the March high.
Between March and December 2021, LUNC enjoyed a robust bull run with brief bouts of retracement and peaked at $99.72 on 26 December, an 2,332% increase from the May low. It closed the year at $85.47.
The broader cryptocurrency suffered through bearishness in 2022. LUNC fell to $46.27 on 30 January 2022, a drop of more than 53% from the December high.
LUNC regained the momentum and achieved a record high of $119.18 on 5 April 2022. However, the LUNA-UST collapse sent LUNC down to its all-time low of $0.00001675 on 13 May.
LUNC gained in August. The price rose from $0.00008666 on 19 August to its 90-day high of $0.0005888 on 8 September, a rise of almost 580%.
As of 23 September, LUNC was trading at $0.0002733, down nearly 54% from the 90-day high, with a market capitalisation of $1.68bn.
Terra Classic has undergone several important milestones, which may drive the LUNC price.
The Terra Classic community voted in September 2022 to implement a burn mechanism, which was formalised by the passage of governance proposals 3568 and 4159.
Consequently, the LUNC protocol will implement a 1.2% tax burn on all on-chain transactions, including online and wallet contract interactions inside the Terra Classic ecosystem.
By listing LUNC on its platform, the XGo cryptocurrency exchange has also indicated its support for the tax burn.
A South Korean court has issued a warrant for Do Kwon’s arrest. As of 23 September, Do Kwon’s whereabouts are unknown. The Financial Times reported that South Korean police have asked Interpol to issue a “red alert” for him.
Meanwhile, the Singapore Police Force confirmed to the media that Kwon had left the city-state. Kwon was originally believed to be in Singapore.
In defence, Do Kwon claimed on Twitter that he is not hiding from the authorities, and is collaborating with them and has nothing to hide.
Dear CT – I will tell you what i am doing and where i am if:
1) we are friends
2) we have plans to meet
3) we are involved in a gps based web3 gameOtherwise you have no business knowing my gps coordinates
— Do Kwon ???? (@stablekwon) September 17, 2022
According to Cryptorank, LUNC’s on-chain activity remained flat between June and August. It finally started to advance in September when the token transfer count increased from 4,930 on 1 August to 15,234 on 1 September, a rise of 209%.
Meanwhile, according to the LUNC/USD forecast from CoinCodex, based on technical analysis on the coin, as of 23 September, the token’s price could reach $0.000418 on 30 September 2022.
Algorithm-based forecasting services gave mixed long-term Luna Classic to US dollar forecasts.
According to Wallet Investor’s LUNC/USD forecast for 2022, as of 23 September, the coin could be an “awesome” long-term investment. The site expected the average price to hit $0.000454 by the end of 2022, $0.002052 by the end of 2025 and $0.00297 by September 2027.
DigitalCoinPrice’s LUNC/USD prediction saw the average price hit $0.000281 in 2022, $0.000617 in 2023 and $0.000852 in 2024. The site’s LUNC/USD forecast for 2025 suggested that the token could rise to $0.00109, $0.00272 in 2029 and $0.00511 in 2031.
According to Price Prediction, LUNC could average at $0.00015058 in 2022 and $0.00048012 in 2025. Price Prediction’s LUNC/USD forecast for 2030 indicated that the coin could reach $0.003.
When looking for LUNC/USD predictions, remember that analysts and algorithm-based price targets can be wrong. They are based on technical analysis and historical price action. Past performance is no guarantee of future results.
It’s essential to conduct your own research before trading. Remember that your decision to trade should depend on your expertise in the market, the spread of your portfolio, and how comfortable you feel about losing money. You should never trade money you cannot afford to lose.
Since the collapse of LUNA and UST in mid-May, most investors have lost faith in the Terra community. Moreover, the cryptocurrency market as a whole is experiencing a bearish period amid inflationary fears and risk-off sentiment. These factors have contributed to an unfavourable LUNC/USD outlook.
According to Wallet Investor’s LUNC/USD forecast for 2022, as of 23 September, the coin could be an “awesome” long-term investment. The site expected the average price to hit $0.000454 by the end of 2022, $0.002052 by the end of 2025 and $0.00297 by September 2027. Note that algorithm-based forecasts can be wrong.
Cryptocurrency exchanges operate 24 hours a day, seven days a week. Your trading strategy and risk tolerance will determine the best time to trade LUNC. Overall, LUNC is a very risky cryptocurrency asset; thus, you should conduct your own research and analysis before trading.. Never trade money that you can’t afford to lose.
According to CoinCodex’s short-term LUNC/USD forecast, as of 23 September, the market sentiment for LUNC was bearish. Note that algorithm-based predictions can be wrong.
It’s essential to conduct your own research before trading. Remember that your decision to trade should depend on your expertise in the market, the spread of your portfolio, and how comfortable you feel about losing money. You should never trade money you cannot afford to lose.
All credit goes to the original author, view more at https://capital.com/lunc-usd-forecast-dollar-luna-classic-price
Binance will be adding an opt-in button for users to pay a 1.2% tax for LUNC trading, the platform announced today.
The Binance CEO spoke on the most recent LUNC burn in a blog post on Friday. He says that the decision to implement the button is in response to a wide desire for it by Binance users. The CEO listed the following steps Binance will take in response to the LUNC burn:
Step 1. Implement an opt-in button, for people to opt in to pay a 1.2% tax for their LUNC trading.
Step 2. When the opt-in accounts reach a holding of 25% of the total LUNC held on Binance, it will start to charge a 1.2% tax for all opt-in traders when they trade LUNC. This prevents people who don’t hold the coin to affect the votes. It also gives the early adopters peace of mind that they are not the only few paying an extra 1.2%. The tax only kicks in at a 25% quorum. This should encourage them to opt-in more easily.
Step 3. When the opt-in traders reach 50% of the total LUNC trading volume on Binance, it will roll out the 1.2% trading tax for all Luna Classic trading. This prevents large LUNC whales who may hold large amounts, but don’t actively trade to influence votes.
According to the CEO, the feature will be removed if “the threshold for Step 2 cannot be reached within a month.” An exact date for the button’s addition was not confirmed.
All credit goes to the original author, view more at https://watcher.guru/news/binance-confirms-opt-in-button-to-pay-1-2-tax-for-lunc-trading
