Terraform Labs, the entity responsible for the now-defunct stablecoin TerraUSD (USTC), has officially filed for Chapter 11 bankruptcy protection in the United States, according to a court document submitted on January 21. The Singapore-based company, known for creating TerraUSD, listed its assets and liabilities in the range of $100 million
The algorithmic stablecoin, earlier known as UST Terra Classic USD (USTC), has recently had its minting and reminting halted by the Terra LUNA Classic (LUNC) community. The de-pegging of the UST posed a difficult choice for the community of Terra Classic. A proposal to end the USTC-LUNA swapping mechanism was
Binance, the world’s largest crypto exchange, has announced its support for the Terra (LUNA) network upgrade. The Terra community has successfully passed the on-chain proposal for the Phoenix software upgrade v2.4, with a majority of votes in favor of the upgrade. As a result, the price of LUNA has witnessed
A new report indicates that Do Kwon, the founder of Terraform Labs, has no assets that can be traced to him in his home country of South Korea. Kwon, who has been charged with fraud in both the United States and South Korea, was detained in Montenegro on November 23
Terra Classic is an altcoin founded by Do Kwon and Daniel Shin in the year 2018. There are over 30,411,802.611 TERRA (aka LUNC) staked at the current market value which is approximately $0.0001232. 🚨BREAKING There is currently over $1,000,000+ worth of $TERRA Staked right now at the current price! Let’s
The Prosecutor’s Office had asked the Seoul Southern District Court to detain Shin Hyun-seung, a co-founder of the defunct firm Terraform Labs, in pre-trial custody, but the court denied the motion. According to reports, he was instrumental in the downfall of the firm’s crypto assets, including Luna and the stablecoin
The price of Tera Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, surged dramatically as the global cryptocurrency market witnessed a bullish trend. At the time of writing, LUNC soared over 9.5% in the last 24 hours and is still being supported by buying signal. The year
An unexpected turn was revealed in Sam Bankman-Fried’s FTX disaster despite U.S. representatives summoning SBF to testify at a hearing on December 13, the House Committee on Financial Services. Federal prosecutors and the Securities and Exchange Commission (SEC) opened an investigation into whether the former FTX CEO manipulated the market’s
Over recent months, the South Korean government has been monitoring the activities of the Terrafarms Labs, CEO – Do Kwon. In mid May, the entire Terra community crashed and faced a terrible issue affecting the investors and the users. Following the South Korean authorities was seeking to arrest Do Kwon
More cases filed against Terra founder Do Kwon and he denies such allegations. BTC and crypto assets worth $39 million frozen. With the entire empire completely crumbling down, continuous reports and cases have been filed against the Terra founder Do Kwon. The downfall of the LUNA, and UST has completely
