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Do Kwon Admits Guilt in Terra’s $40B Collapse

by Ouess
written by Ouess

Do Kwon, the disgraced founder of Terraform Labs, stood in a Manhattan courtroom wearing an orange jumpsuit—a stark contrast to his days as crypto’s golden boy. The 33-year-old admitted guilt to fraud charges tied to Terra’s catastrophic $40 billion crash, potentially facing 12 years in prison.

What Kwon Confessed

⚖️ Pleaded guilty to wire fraud & conspiracy
💰 Admitted lying about TerraUSD’s stability
🤝 Secret bailout revealed – Paid firm to fake recovery

In his own words in court:

“I made false statements… What I did was wrong.”

The Fallout for Kwon

🔒 12-year sentence likely (could be 25 years max)
💸 $19M forfeited + SEC’s $80M fine
🌍 Still faces charges in South Korea

Victims’ Unanswered Questions

❓ Is 12 years enough? Many lost life savings
❓ Will restitution help? Billions were wiped out
❓ Does this set a precedent? Crypto fraud crackdowns coming

Why This Case Matters

🔹 First major DeFi founder convicted
🔹 Signals tougher crypto regulation ahead
🔹 Warning to other projects about transparency

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DeFi

Terra Luna Classic Upgrade Proposal Sparks Price Speculation

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) community is voting on a pivotal proposal to upgrade the chain to version 3.3.0. This update, set to simplify tax handling and improve developer support, could ignite a price rally for LUNC, with many speculating a breakout similar to XRP.

What’s in the v3.3.0 Proposal?

The proposal, titled “Upgrade to v3.3.0”, was introduced by developer StrathCole. Voting is underway via the Station wallet, and the upgrade will take effect on December 17, 2024, at block height 21163600, pending approval.

The update includes:

  • Simplified Tax Handling: Aimed at reducing barriers for developers and dApps.
  • Improved Utility: Attracts broader Cosmos ecosystem projects to build on the Terra Classic network.

Validator support is overwhelming, with all 39 validators who participated, including Burrito Node, Vegas Node, and TerraCVita, voting “Yes.”

LUNC Price Action Mirrors XRP Patterns

LUNC’s price chart is forming a symmetrical triangle breakout pattern, reminiscent of XRP’s rally to $1 earlier this year. XRP surged due to ETF filings, SEC developments, and stablecoin hype, drawing parallels to the current LUNC scenario.

  • Current Price: $0.0001613 (down 6% in 24 hours after a 40% weekly rally).
  • Recent Surge: A monthly uptrend of over 90%, fueled by events like Binance burning 1.7 billion tokens.
  • Key Levels: Closing above $0.00018 could push LUNC to $0.0005. Further gains depend on sustained high trading volumes.

Broader Ecosystem Boost

The Terra Luna Classic upgrade isn’t the only factor driving market excitement:

  • USTC Price Surge: Up 20% this week to $0.030.
  • Terra (LUNA) Momentum: Increased Binance leverage drove a 52% weekly rally, pushing prices to $0.79.

The LUNC community is optimistic that the upgrade and recent developments will sustain the upward momentum, possibly propelling prices toward the 1 Fibonacci retracement mark.

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DeFi

Terra Luna Classic Community Rejects Proposal, LUNC Rises 5%

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) community has voted overwhelmingly to reject a proposal from developer group BLV Labs. Despite the setback, LUNC’s price climbed 5% in response to the latest developments.

Why the Proposal Was Rejected

Proposal 12146, submitted by BLV Labs, aimed to secure $5,000 in LUNC from the community pool for work on the blockchain’s governance module. However, nearly 90% of voters opposed it, including prominent validators such as Allnodes, Interstellar Lounge, and Interstake One.

The community argued that BLV Labs did not meet the required standards for governance updates. Specifically, they failed to execute testnet and mainnet deployments, which are essential for validating proposed changes.

Validators noted that while BLV Labs suggested enhancements to the Oracle module to adjust the minimum deposit required for proposals, these claims were not substantiated with sufficient progress. Despite publishing code on GitHub, the group had not completed testing or integration work.

Terra Classic Validators Take Charge

In parallel, the Terra Classic community approved a separate proposal transferring CoinMarketCap dashboard access to validator Allnodes. This move signals a shift in trust and responsibility toward more active contributors within the ecosystem.

LUNC and USTC Prices Surge

Amid the governance drama, LUNC’s price rose 5% in the past 24 hours, trading at $0.000118. Over the last week, LUNC has climbed 15%, with $0.00012 serving as a crucial resistance level. If it surpasses this threshold, LUNC could rally to $0.0002.

Terra Luna Classic’s open interest has also increased by 8%, with strong buying activity observed on Binance and OKX. However, Bybit reported some selling pressure in its 1000LUNC futures contracts.

USTC also experienced a 5% price increase, trading at $0.0245. However, trading volume for USTC fell 31% over the last 24 hours, indicating a lack of sustained momentum.

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Altcoin

Terra Classic Price Rises Amid Massive LUNC Burns and Rally Hopes

by Ouess
written by Ouess

The Terra Classic price has seen a significant surge, aligning with the broader November crypto rally. A key driver behind this bullish momentum is the rising number of LUNC token burns, which reduce supply and fuel investor optimism. With strong market interest and technical indicators pointing upward, traders are eyeing a potential 170% rally for the token.

LUNC Burns Drive Terra Classic’s Growth

Recent efforts to burn LUNC tokens have played a critical role in Terra Classic’s price momentum. Binance recently burned 1 billion LUNC tokens, reigniting market interest. In addition, the Terra Classic Foundation has implemented a strategy to allocate 50% of trading fees toward token buybacks and burns. This approach aims to lower the circulating supply and boost demand.

In the past seven days, 393 million LUNC tokens were burned. Since May 2022, a total of 389.25 billion tokens have been removed from circulation. However, the current supply remains high at 6.51 trillion tokens, with a total supply just above 6.52 trillion.

Can Terra Classic Reach $0.0003?

Over the past month, LUNC price has climbed more than 30%, signaling renewed investor confidence. Currently trading at $0.0001092, the token has experienced slight fluctuations, ranging from $0.0001071 to $0.0001128 in the last 24 hours. Despite minor dips, the coin has maintained an upward trend.

Breaking the current resistance at $0.00019 could pave the way for a rally to $0.00025. Sustained momentum may even push the token toward the highly anticipated $0.0003 mark, representing a 170% price increase.

Bullish Indicators Strengthen Outlook

Technical indicators support the bullish case for LUNC. The Moving Average Convergence Divergence (MACD) has shown a bullish crossover, with the MACD line positioned above the signal line. This trend highlights growing positive sentiment in the market.

Moreover, the recent burns and active trading volume have reinforced optimism. If the cryptocurrency maintains its current trajectory, breaking key resistance levels could result in substantial gains.

Conclusion

The Terra Classic price rally is supported by reduced token supply and rising market participation. While resistance at $0.00019 presents a hurdle, the token’s bullish indicators and strong investor interest suggest a potential 170% rally. Keep an eye on market movements as LUNC continues to gain traction in the crypto space.

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DeFi

Binance Burns 1 Billion LUNC Tokens Amid Terra Classic Optimism

by Ouess
written by Ouess

Crypto giant Binance has burned over 1 billion Terra Luna Classic (LUNC) tokens in its latest burn, part of the 27th batch of the LUNC burn mechanism. With this transaction, the Terra Classic community has now burned nearly 137 billion LUNC tokens in total, fueling speculation about a potential price recovery.

Binance’s 27th LUNC Burn Fuels Community Hopes

In the November 1 transaction, Binance sent 1.048 billion LUNC tokens to the burn address, incurring 5.2 million LUNC in transaction tax costs. The latest burn of $95,073.99 covered trading fees from September 30 to October 30. Binance has now contributed nearly 66.66 billion LUNC tokens to the Terra Classic burn through its monthly mechanism, supporting community efforts to reduce token supply and revive LUNC’s value.

In the previous batch, Binance burned 1.14 billion LUNC tokens. Binance commits to burning 50% of spot and margin trading fees in LUNC each month to back Terra Luna Classic community recovery efforts.

Terra Classic Community Eyes Major LUNC Burns

In two years, the Terra Classic community has burned almost 137 billion LUNC tokens. Members are now hopeful for additional major burns, especially as Terraform Labs may be required to contribute as part of an ongoing bankruptcy court ruling.

LUNC and USTC Price Update

Following the latest burn, LUNC’s price fell by 8% over the last 24 hours, erasing last week’s gains in the wake of a broader crypto market selloff. Currently, LUNC is trading at $0.00008936, with daily highs and lows of $0.00008868 and $0.00009834, respectively. Terra Luna Classic’s trading volume has dropped by 50% over the past 24 hours, signaling fluctuating interest from traders.

Meanwhile, USTC dropped by over 10% in the past day but remains up by 1% for the week. USTC’s price currently sits at $0.0222, with trading volume similarly declining by 50% in the last 24 hours.

Could the Burns Drive a LUNC Price Rally?

As the Terra Classic community rallies around Binance’s consistent burn support, many investors are optimistic that sustained burn actions could fuel a recovery. The big question remains: Will Terraform Labs join the effort with a major burn, boosting LUNC’s value even further? Only time will tell, but the community remains hopeful as token supply reductions continue.

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Altcoin

Binance Burns 1.14B LUNC, Sparking 10% Price Surge

by Ouess
written by Ouess

Binance has burned 1.14 billion Terra Luna Classic (LUNC) tokens, causing a 10% price surge in LUNC and USTC. This burn has reignited hopes for a revival of the Terra Luna Classic ecosystem.

Binance Continues LUNC Burn Initiative

The world’s largest crypto exchange, Binance, has once again shown its commitment to the Terra Luna Classic community. By burning over 1.14 billion LUNC tokens in its 26th burn batch, Binance has bolstered investor confidence. The result? A 10% rise in both LUNC and USTC prices, signaling optimism in the market.

LuncLive validator owner, Mr. Diamondhandz, took to social media platform X to express his appreciation for Binance CEO Changpeng Zhao, stating, “Binance burned 1,142,098,248.09 LUNC! Thank you CZ and company for supporting the LunaClassic community since 2022!” This gratitude highlights the community’s ongoing belief in the potential revival of the Terra Luna Classic ecosystem.

Binance’s Key Role in the LUNC Ecosystem

Since 2022, Binance has been a crucial supporter of LUNC, burning over 64 billion tokens as of September. The LUNC burn mechanism is a vital part of reducing the token’s supply, which could lead to price growth as demand increases. Binance remains the largest contributor to LUNC burns, further cementing its role in the token’s recovery.

LUNC and USTC Prices Rally on Burn Optimism

Binance has ramped up its burn frequency in recent months, completing six burns in September alone. This increased activity has fueled speculation within the Terra Luna Classic community that Binance is intensifying its efforts to revive LUNC’s value. The burn mechanism has led to a rally in both LUNC and USTC prices, reflecting growing market optimism.

At the time of writing, LUNC is trading at $0.00009723, after hitting a 24-hour high of $0.00009944. Similarly, USTC is priced at $0.02433, with trading volume spiking by 65% to $93.54 million. USTC even touched a high of $0.02535 within the last 24 hours, further indicating renewed market confidence. Analysts also predict a potential 40% rally in LUNC following Binance’s latest burn.

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DeFi

Terraform Labs to Liquidate and Burn LUNC by October 30

by Ouess
written by Ouess

Terraform Labs (TFL) and its CEO, Chris Amani, confirmed plans to shut down operations and liquidate assets on October 30, 2024. This follows a bankruptcy court order after the company’s settlement with the SEC.

TFL Plans Shutdown if Negotiations Fail

On September 25, TFL announced ongoing discussions with third-party companies interested in taking over some of its products and services. However, if negotiations fail, TFL will shut down by October 30. The sale includes four key businesses: Enterprise Protocol, Warp Protocol, Station Wallet, and Alliance Hub. Additionally, services like Finder Block Explorer, Foundation, IBC Relayers, and others are up for takeover, though infrastructure challenges may deter potential buyers.

Community to Take Over Chain Maintenance

As TFL wraps up its final update, the company will no longer support future chain upgrades. Maintenance of the Terra Luna Classic blockchain will now be handled by the community. Coincidentally, the shutdown date aligns with the closure of Shuttle Bridge, which will be used to burn tokens like wLUNC in contracts.

LUNA and LUNC Prices Respond to Burn News

As news of TFL’s shutdown spread, the Terra Luna Classic (LUNC) community focused on Binance’s LUNC burn mechanism. Binance recently sent more tokens to the burn address, boosting market sentiment. LUNC’s price rose 2% in the past 24 hours and 10% over the week, now trading at $0.00008775. Trading volume increased by 30%, reflecting growing interest among traders.

Similarly, LUNA’s price saw a 1% increase in the past day, trading at $0.39, with trading volume up 41%. The positive sentiment surrounding Terra’s bankruptcy plan has contributed to this surge, as LUNA’s price rose over 8% in the past week.

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DeFi

Terra Luna Classic Approves Major Proposal Amid LUNC Price Optimism

by Ouess
written by Ouess

The Terra Luna Classic community recently approved a crucial proposal aimed at improving governance and stability. This decision has sparked optimism about a potential rally for LUNC, particularly as Binance continues its token burn initiative.

Terra Luna Classic Approves Governance and Stability Proposal

The Terra Luna Classic blockchain has made significant strides with the approval of a proposal led by BLV Labs. This proposal focuses on enhancing the blockchain’s governance module, addressing key issues such as the volatility of the deposit required to submit proposals.

Currently, creating a proposal on the Terra Luna Classic blockchain requires a deposit of 5 million LUNC. The challenge arises when the price of LUNC fluctuates, making the deposit too high or too low. This instability has caused concerns for the network’s governance.

To solve this, BLV Labs proposes using the Oracle module to automatically adjust the deposit based on LUNC’s current price. This would ensure a stable deposit value of $500, preventing bad actors from submitting spam proposals when LUNC’s price drops significantly.

Community Support and Market Impact

The proposal received overwhelming support, with more than 85% of the votes cast in favor. This shows strong community backing for the changes and has sparked discussions about its potential positive effect on LUNC’s price. Many believe this proposal will help create a more secure and efficient ecosystem, further enhancing confidence in the Terra Luna Classic project.

LUNC Price Outlook: Can It Rally?

At the time of writing, LUNC was up by 1.03%, trading at $0.00008641, with trading volume holding steady at $15.02 million. Despite this price increase, Futures Open Interest dropped by 3.5%, indicating some market caution.

However, the proposal’s approval, coupled with Binance’s ongoing LUNC burn mechanism, has boosted market sentiment. This combination of factors could contribute to a potential price rally for LUNC in the near future.

Additionally, USTC price saw a 3% increase to $0.01828, and LUNA price was up nearly 1% to $0.3884, further reflecting positive market sentiment in the Terra ecosystem.

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Altcoin

Binance Increases LUNC Burns, Boosting Terra Luna Classic Prices

by Ouess
written by Ouess

Crypto exchange Binance has ramped up its efforts to burn Terra Luna Classic (LUNC) tokens this month, igniting excitement in the Terra Luna Classic community. As the largest contributor to the LUNC burn initiative, Binance has already burned over 64.47 billion LUNC tokens in a bid to boost the token’s value and support its ecosystem revival.

Binance LUNC Burn Mechanism Sees Updates

Recent data shows Binance has likely revised its LUNC burn strategy, increasing the frequency of burns. Traditionally, Binance burned LUNC tokens on the first day of each month. However, this month, the exchange has already conducted six burns, leading to speculation within the community.

Earlier, Binance reduced its Terra Luna Classic spot and margin trading fees to 50% from 100%, delaying the burn contribution for several months. Despite this, the exchange is now burning more LUNC tokens than expected.

In the 25th batch of burns, Binance destroyed 1.19 billion LUNC tokens, equivalent to $97,229.23 in trading fees between July 31 and August 29. Additionally, Binance has burned another 199,389 LUNC tokens in five transactions so far this month. These changes have sparked rumors that the exchange has adjusted its burn mechanism.

Terra Luna Classic Token Prices Surge

The increased burn activity has had a positive impact on LUNC’s price. Over the past 24 hours, LUNC has risen by 3% and 7% over the week, currently trading at $0.00008557. The token hit a 24-hour high of $0.00008622 and a low of $0.00008188. Furthermore, trading volume has surged by 16%, indicating growing interest among traders.

Data from Coinglass shows that open interest in LUNC derivatives on Binance and Bybit has increased by 5%, reflecting a rise in active buying among traders.

In addition to LUNC’s gains, USTC, another token in the Terra Luna Classic ecosystem, has also seen a 2% price increase, now trading at $0.0177. USTC’s trading volume surged by 72% in the last 24 hours, with traders taking advantage of the dip and pushing the price up by 9% over the week.

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Altcoin

Terra Luna Classic Burns Billions of Tokens: Will Prices Surge?

by Ouess
written by Ouess

The Terra Luna Classic (LUNC) community recently took a significant step in its recovery plan by burning a massive 1 billion USTC and 275 billion LUNC tokens. This burn followed the approval of proposal 12135, which resulted in 726 million USTC tokens being burned from Anchor Protocol.

This move came after a U.S. bankruptcy court granted Terraform Labs (TFL) approval to wind down its operations. With legal backing, the Terra Luna Classic community now plans to burn billions more LUNC and USTC tokens across various related projects.

Token Burn: Will It Revive LUNC and USTC Prices?

The Terra Luna Classic community hopes that these large-scale burns will help revive token prices. According to a recent CNF update, increasing the burn tax from 0.4% to 1.5% would effectively triple the contribution to both the community pool and the oracle pool. This adjustment could accelerate the pace of token burns while boosting funds for long-term staking rewards.

Following the burn, Terra Classic (LUNC) experienced a modest price uptick, trading at $0.00008524, marking a 0.64% increase over the past day and a 3.74% rise for the week. However, trading volume remained low, partly due to broader market pressures.

A Closer Look at the Proposal

The recent burn was carried out through a contract migration in Anchor Protocol. The proposal passed narrowly, with 27.23% of votes in favor. Interestingly, only 25% of validators supported it, but 92% of delegators voted “Yes,” recognizing that these tokens are community assets.

While the migration of Anchor Protocol’s contract was successful, an attempt to burn 46 million USTC from Mirror Protocol failed, prompting further investigation into the issue.

What’s Next for Terra Luna Classic?

The Terra Luna Classic ecosystem is moving forward with its ambitious burning strategy, but market pressures and mixed responses to proposals mean the path forward could be bumpy. Despite these challenges, the community remains optimistic that these efforts will lead to a price rally, especially if further burns and tax adjustments are implemented successfully.

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