Stay updated on Terra (LUNA) and its ecosystem, including post-crash developments, governance changes, legal proceedings, and new project launches. Explore how Terra aims to rebuild after one of crypto’s most notable collapses.
Terra (LUNA) price extended its sharp recovery with a 25% upside on Dec. 11 to $0.24, ahead of the Do Kwon sentencing.
Terraform Labs co-founder Do Kwon admitted guilt on fraud and conspiracy charges related to the 2022 TerraUSD collapse that cost investors $45 billion.
The verdict sets a key precedent that could influence future legal classifications of virtual assets in South Korea.
The Government estimates that the number of victims of Kwon’s actions exceeds hundreds of thousands and potentially totals more than one million.
Prosecutors allege that Kwon orchestrated a multibillion-dollar fraud that left investors reeling.
Montenegro’s Justice Minister has approved the extradition of Do Kwon to the United States, marking a significant step in holding the Terraform Labs founder accountable for his crimes.
The shutdown of Terraform Labs sets an important standard for how bankruptcies are handled in the crypto industry, and will likely influence future bankruptcy cases.
The Terraform Labs startup is on track to wind down its operations after receiving the approval from Judge Brendan Shannon.
The crypto industry is currently in a phase where investors prioritize transparency and robust security.
The shift from TFL to community management will significantly impact the Terra ecosystem and the LUNA token.
The $4.5 billion SEC settlement marks one of the largest in crypto history, effectively barring Terraform Labs and its co-founder Do Kwon from the crypto industry.
This change is expected to make transactions smoother for developers and users, potentially attracting more activity to the Terra Luna Classic network.
As a result of the Terra blockchain exploit report and the blockchain suspension, the ASTRO token price collapsed by a staggering 60% from around $0.045 to as low as $0.01313 earlier today.
Once Terra blockchain discovered the attack, the team launched emergency measures to contain the situation. This helped prevent further damage and ensure that more tokens are not siphoned.
This deadline for claims is a key part of Terraform Labs’ strategy to handle its financial and legal issues.