Is It The End For Terra Luna Classic Or Will The Development Boost Its Value

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The negative news and the absence of any fundamental development led to the LUNC price being in a downward trend as the founder is currently arrested. Despite this, the LUNC community is still one of the most active communities on Twitter, which has contributed to the continued existence of the project.

Terra Luna Classics founder faces jail?

The collapse of the Terra-Luna ecosystem in May 2022 resulted in significant financial losses for investors. After this disaster, Do Kwon, one of the co-founders of Terraform, ran away but was eventually apprehended in Montenegro this year. After recently appearing in court in Montenegro, Do Kwon was granted bail in the amount of $436,000.

Despite the prosecution’s objections, Do Kwon has already begun withdrawing cryptocurrency in preparation of a bail ruling from a higher court. It has been revealed that Terra CEO Do Kwon has been responsible for the loss of $400,000 in stablecoins and $150,000 in Terra Luna Classic (LUNC).

Do Kwon also lost $1.6 million in stablecoins stored in an Ethereum (ETH) wallet under his control. Before the bail decision, Do Kwon removed a total of 2.86 billion won, or roughly $2.15 million in cryptocurrency. Co-founders Do Kwon and Daniel Shin of Terraform Labs previously moved Convex Finance (CVX) tokens.

Data from Etherscan shows that Terraform Labs has sent 100 CVX tokens to the address 0x15A5. Following that, a second massive transfer of 1.83 million CVX worth $8.7 million was sent to the wallet address 0x15A5. Currently, the wallet only supports the Convex CRV (cvxCRV) token and not the CVX token.

Officials in Montenegro seized Kwon in March 2023 at the Podgorica airport on suspicion that he was in possession of counterfeit passports. Passports were confiscated in South Korea. The native TerraUSD (UST) stablecoin depreciated in 2022, wiping out an estimated $40 billion in market value in a matter of days, which caused the Kwon and Terraform Labs-created Terra ecosystem to collapse.

Despite this, Do Kwon continues to have assets at a bank in Switzerland that are worth millions of dollars. Following his arrest in Montenegro, South Korea and the United States are making a coordinated attempt to secure the co-extradition of the creator of Terra.

He had been on the run for a considerable number of months. During this time, the authorities in South Korea are continuing their investigation into the controversy involving Terra-Lumina while they prepare for the upcoming trial of the company’s co-founder, Daniel Shin.

Brand-new improvement for the Terra Classic network

The leading cryptocurrency exchange, KuCoin, has issued a significant statement regarding the LUNC tax burn rate. Terra Classic (LUNC) Network’s tax burn is going up from 0.2% to 0.5%, according to the exchange. The decision was made after the community of Terra Classic (LUNC) voted in favour of Proposal 11515, which will bring the tax burn rate of the Terra Classic (LUNC) network up to 0.5%.

Breaking! #kucoin Will Support to Increase the Tax Burn of Terra Classic 🔥🔥 (LUNC) Network from 0.2% to 0.5% #LUNC #LuncBurn
#LUNCcommunity

https://t.co/Wksc5MJcNd

— Terra Luna army ™🦈 (@terra_army) May 18, 2023

In light of this, KuCoin has announced that it will facilitate the 0.5% tax burn of Terra Classic (LUNC) and Terra Classic USD (USTC) tokens once the 12,902,399th Terra Classic block is reached. An economic policy for Terra Classic was offered in March as part of a quartet of ideas to bring about better incentive alignment.

To cut down on LUNC production, the burn tax was highlighted in one of the suggestions. In light of this, a proposal to raise the burn tax to 0.5% was put forwards. KuCoin has stated it will boost the tax burn rate once the plan has been approved.

The remaining three suggestions are to increase chain utility and volume by whitelisting smart contracts, increase developer financing by boosting community pool funding, and increase LUNC demand via staking by raising staking incentives.

Terra Luna Classic price analysis

Terra Luna Classic is presently trading at $0.00008999, and LUNC is ranked #78 throughout the global cryptocurrency market. Terra Classic has a market value of $529,224,946, and its circulating supply is 5,880,958,241,953. There was a -1.49% loss in value during the previous 24 hours for the cryptocurrency.

The LUNC had a strong increasing trend over the previous seven days, rising by 6.71%. Recently, Terra Classic has demonstrated very great potential, now would be an excellent time to jump in and make an investment. The price of LUNC has dropped by -29.420% in the past month, wiping out an enormous $0.00003751.

Visit our guide to the best altcoins to buy now for 2023 here.

The $LUNC community is making an effort to push the price above

The Terra Classic community has successfully finished the v2.0.1 upgrade in order to get ready for the inclusion of Cosmos Parity and AI. LUNC’s price rose 3%. The modification made it possible for the Terra Classic blockchain to implement a number of functions,

which include a minimum initial deposit requirement for governance proposals, an upgrade to versions 0.45.13 and 0.34.24 of Tendermint, as well as required security fixes. The following significant improvement is coming soon. The upgrade to Cosmwasm version 1.1.0 (parity) is expected to take place on May 31.

It will restore the network’s utility by enabling builders and projects from Cosmos and Terra Luna 2.0 to once again construct on the Terra Classic chain. This will bring the network’s utility back to where it was before. By the 21st of May, L1TF will have completed the block and determined the precise date for the parity upgrade.

The Terra Classic Revival Roadmap is on track, with milestones like the return of the USTC peg and the LUNC’s positive sentiment. The possibility of raising the burn tax to 1.2 percent is also being discussed.

At this point, the community of Terra Classic voted to approve four significant proposals, including an increase in the LUNC burn tax to 0.5 percent, the implementation of staking rewards, and pricing increases.

Recently, the LUNC burn rate has been increasing as an outcome of the community’s increased usage of the DeFi protocol DFLunc to consume millions of LUNC on a daily basis. As a result, more than 2 billion LUNC have been consumed in less than two weeks. The cumulative amount of LUNC that has been used has reached about 59 billion.

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