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2022-10-07 22:25:00 South Korean court dismisses arrest warrant for Do Kwon’s aide

A South Korean District Court has dismissed the arrest warrant issued against the Head of General Affairs at Terraform Labs Yoo Mo, according to local news Yonhap. Yoo Mo, who doubled as Do Kwon’s aide, was reportedly arrested in the early hours of Oct. 6, following an arrest warrant issued on Oct. 5. Mo was accused of using bots to inflate the prices of the LUNA token, as well as violating the Capital Market Act. Judge Jin-pyo argued that Mo may not have violated the Capital Market Act, as LUNA has not been classified as a security under South Korean law.

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2022-10-06 23:10:07 Do Kwon’s ordered to surrender South Korean passport within two weeks or its revoked

According to authorities, Kwon, whose whereabouts remain unknown, has been ordered to hand over the document within 14 days or be revoked as he faces the possibility of prosecution following the over $60 billion Terra (LUNA) ecosystem crash, South Korean Ministry of Foreign Affairs announced. The directive to have Kwon surrender his passport can be viewed as one of the measures to lure him back to South Korea to face charges. Notably, Kwon is facing charges of fraud alongside five other people for allegedly violating South Korea’s capital-markets law.

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2022-10-05 23:10:07 Do Kwon deems news of $40M crypto freeze a ‘falsehood’

Terra founder Do Kwon has described news of South Korean prosecutors freezing his $39.66 million crypto as a “falsehood.”. On Oct. 5, South Korean local media outlet News1 reported that the country’s prosecutors had frozen 56.2 billion won ($39.66 million) belonging to Kwon and domiciled in two crypto exchanges, KuCoin and OKX. On Sept. 27, reports emerged that Kwon had made a suspicious transfer of 3,313 BTC to two overseas cryptocurrency exchanges after South Korean authorities issued his arrest warrant.

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2022-10-04 23:29:02 Binance burns $1.9M LUNC tokens

Binance announced that it has burned 5.5 billion Luna Classic tokens following its implementation of the burn mechanism. According to the announcement by the firm, it burned all the trading fees for LUNC spot and margin trading pairs. The burn program began on Sept. 21. The burnt 5.5 billion LUNC tokens represent the fees the exchange got between Sept. 21 to Oct. 1. Binance was previously reluctant about the implementation of the 1.2% burn tax mechanism, saying it was going to add an opt-in button for users. However, the community’s negative reaction to the idea forced the exchange to cancel the plan. A Twitter account tracking Luna Burn confirmed that Binance has sent the tokens to the LUNC burn address. At the current price, it means that almost $1.9 million worth of LUNC was burned.

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2022-10-03 22:00:17 Terra’s Luna Classic Gains Big as Binance Burns Untold Tokens

The value of Luna Classic, LUNC, is up over 70% for the week and up over 44% for the month, hitting $0.000365 mid Sunday as traders awaited final token burn numbers from Binance. This as most cryptocurrencies saw minimal gains. As impressive as the relative numbers are, the price is a far cry from its $100 price in April. LUNC into the top ten cryptocurrencies by trading volume, and boosting its market cap to over $2.1 billion, according to CoinGecko. That puts it in the neighborhood of Bitcoin Cash, wavering at the edge of the top 30 coins for the last seven days. Luna Classic is the token of the now infamous Terra blockchain, which imploded in May and subsequently prompted lawmakers to consider a ban on similar algorithmic stablecoins.

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2022-10-02 23:29:02 Terra LUNA Pushed Out of Top 100 as Price Fails To Rise

Terra LUNA has been shoved out of the top 100 cryptocurrencies by market capitalization after failing to demonstrate any growth. At the time of publication, LUNA ranked as the 106th largest cryptocurrency with a market capitalization of $306 million. LUNA was also trading at $2.40, down 4.17% in the last 24 hours and down 7.09% since the past week. LUNA's price stalled after a speculative rally in September, drawn from LUNC's 1.2% tax burn plan. The gains were subsequently reversed as traders took profits in the following days. Following the price dump, LUNA has since returned to its range from June, showing little or no movement at all.

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2022-10-01 21:10:06 Ethereum's Vitalik Buterin Claims Terra Luna Team Engaged in Market Manipulation

In a lengthy interview with New York Times columnist Ezra Klein, Ethereum co-founder Vitalik Buterin claims that the Terra Luna team attempted to manipulate the market in order to prop up the value of the native cryptocurrency. Buterin says that no one actually knows what the Terra team was doing with its vast Bitcoin reserves. According to the Canadian programmer, the Terra fiasco shows that decentralization doesn’t solve every problem. Even if the algorithm is open and transparent, it still going to break if it is poorly executed.

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2022-09-30 23:10:05 Luna Classic (LUNC) in the Red as Terraform Labs Insists It Is Not a Security

Terraform Labs, the company behind the controversial Terra projects, insists that the Luna token has never been a security, The Wall Street Journal reports. The Singapore-based firm criticized South Korean prosecutors for opening a “highly politicized” case against the company. Terra attracted plenty of regulatory security following its implosion back in May. Luna Classic (LUNC), the remnant of the collapse, is currently down 0.51% on the Binance exchange, trading at $0.000276 at press time.

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2022-09-29 22:09:59 Terra Spokesman Argues ‘Luna Classic has Never Been a Security’ Amid Legal Trouble

Terraform Labs suggested that South Korean prosecutors may be ‘overreaching their authority’ arguing that Luna Classic isn’t legally a security in a recent exchange with The Wall Street Journal. Soon after Terra chief Do Kwon denied ducking Interpol ‘Red Notice,’ a company spokesperson accused the case of being ‘highly politicized.’ Terra co-founder Daniel Shin has been wrapped in as one of the key witnesses at South Korea’s National Assembly. With that, Ji-Yun of Terra’s blockchain validator DSRV Labs has also been roped in as a witness as the stablecoin collapse is likely to take center stage in this year’s audit.

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2022-09-29 16:50:46 1 MORE DAY TO @AffynOfficial BIG UNVEILS!!! This is one of the most severely undervalued projects that I believe will become the Number 1 blockchain Metaverse in the entire industry.

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