This sudden move has sent shockwaves through the crypto market, causing LUNA and LUNC to experience a significant decline. Beyond the immediate impact on prices, this bankruptcy raises crucial questions about the future of Terraform Labs and its associated tokens.

Read Also: Google Bard Chooses Best Investment Option Between LUNC and LUNA for 2024

From Stablecoin Savior to Bankruptcy

Terra’s journey began with bold ambitions, creating a decentralized financial ecosystem powered by the algorithmic stablecoin, TerraUSD (UST). However, the crash of UST in 2022 shattered these dreams, exposing the vulnerabilities of the ecosystem and leaving investors with heavy losses.

This unfortunate turn of events, coupled with ongoing legal battles, including a fraud indictment against Do Kwon and a lawsuit from the SEC, has ultimately led to the current bankruptcy filing.

While the bankruptcy filing states the company’s financial instability, with assets and liabilities ranging from $100 million to $500 million, there is a deeper story to uncover. The figurehead of Terraform Labs, Kwon, who holds a majority stake of 92%, looms large over the company’s prospects. His legal troubles, including fraud charges and the SEC lawsuit, cast a dark shadow over Terra’s ability to bounce back.

In the face of adversity, Terraform Labs’ CEO, Chris Amani, presents the bankruptcy filing as a strategic maneuver to navigate legal complexities and forge ahead with the company’s goals.

Do Kwon and his brainchild now face a daunting legal battle. The SEC’s fraud charges and the ongoing lawsuit paint a grim picture. Although a recent ruling dismissed some charges, the upcoming jury trial on fraud remains a major obstacle. While the bankruptcy filing may offer temporary respite, the road ahead will be long and challenging.

The Aftermath

The market responded swiftly and predictably to the news. LUNA and LUNC, which are directly linked to the downfall of UST, experienced immediate price drops, reflecting investor worries about the future of Terraform Labs.

This decline serves as a stark reminder of the interconnected nature of the crypto ecosystem, where the struggles of one project can reverberate across the entire market.

Terraform Labs’ decision to file for Chapter 11 bankruptcy is a complex one, open to different interpretations. Some view it as a strategic maneuver to shield the company from legal liabilities and buy time to reorganize its operations. Others perceive it as a desperate attempt to salvage what remains of a once-mighty empire.

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Read Also: Binance Set To Delist 23 Token Pairs, Including ADA, XLM, SHIB, LUNA, LUNC. Here’s why

Beyond Bankruptcy

While Terraform Labs seeks legal protection, the ghost of UST continues to haunt the crypto world. Regulatory scrutiny has intensified, with calls for stricter oversight of stablecoins and algorithmic mechanisms. The UST crash served as a harsh wake-up call, exposing vulnerabilities and raising concerns about the potential systemic risks associated with certain crypto projects.

The Terraform Labs bankruptcy saga is far from over. Legal battles will unfold, and market repercussions will persist. This has made the future of UST look more uncertain. This event serves as a stark reminder for investors to exercise caution and conduct thorough due diligence before venturing into the volatile realm of crypto.

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Judge Rakoff’s ruling has labeled UST and LUNA as securities, dealing a significant blow to Terra’s defense. However, the victory is overshadowed by the dismissal of the SEC’s claim of illegal security-based swaps. This leaves the situation uncertain, with Terra’s alleged fraud charges still awaiting resolution.

Read Also: Ripple CLO Reveals XRP Lawsuit Settlement Condition Offered By SEC

Alderoty’s critique adds another layer of complexity. He emphasizes the importance of having solid factual foundations in crypto rulings, suggesting that the SEC may be making accusations without fully understanding the intricacies of digital assets.

He also drew attention to the silence surrounding the Ripple verdict in Terra’s case. Despite the similarities between the two cases, the lack of clarity raises concerns about inconsistencies and potential subjectivity in the legal landscape.

Furthermore, Alderoty questions the motive behind the SEC’s crypto crusade, accusing them of pursuing political power rather than genuinely protecting investors. This accusation shifts the focus to the SEC’s true intentions, leaving investors and industry players wondering about the regulatory landscape’s future.

I have no firm view on the merits of the Terraform case, but here are a couple of thoughts on yesterday’s ruling. 1. Facts matter. 2. Judge Rakoff does not criticize, let alone even cite, Judge Torres’ Ripple ruling; 3. The SEC’s “forever” crypto ground war, fighting token by…

— Stuart Alderoty (@s_alderoty) December 29, 2023

The impact of Terra’s verdict extends beyond the crypto community. The Ripple vs. SEC saga has become a focal point for the entire industry, as its outcome could set a precedent for future regulatory actions. With the SEC emboldened by its victory against Terra, the “security” label could potentially be used to target more tokens.

Regulatory clarity is urgently needed to ensure the growth and development of digital assets. A fair and transparent regulatory framework, based on factual analysis and consistent rules, is essential for the industry to thrive and progress.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Navigating the Fallout from Terra’s Verdict

The consequences of Terra’s verdict extend beyond the legal realm, impacting the broader crypto landscape. The ruling has created uncertainties that could hinder innovation, as startups become cautious under increased regulatory scrutiny.

Exchanges, already entangled in legal battles, may face tighter regulations, potentially affecting token availability. Investors, seeking clarity, may hesitate to invest in the crypto market. Internationally, the ripple effects could lead to a fragmented regulatory landscape, hindering global adoption.

Read Also: Federal Judge Threatens To Sanction the SEC in Crypto Case, Ripple CLO Reacts

Addressing this crossroads requires collective action. Constructive dialogue between industry leaders and regulators is crucial to establish collaborative and well-informed regulation.

Self-regulation, driven by ethical practices and investor protection, can demonstrate the industry’s commitment to responsible growth. Educating policymakers and the public is essential to create a supportive regulatory environment.

The choice is clear: either retreat into uncertainty or rise to the challenge. By embracing collaboration, innovation, and resilience, the crypto industry can shape a brighter future where regulation fosters growth.

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The post Ripple CLO States Three Major Points In SEC-Terra Ruling appeared first on Times Tabloid.

In a supplementary document filed on July 18, the lawyers pointed to Judge Analisa Torres’ decision in the SEC v. Ripple Labs case, where XRP was deemed not to be a security.

The defendants’ legal team argues that the SEC’s claims against tokens such as UST (now USTC), LUNA (now LUNC), wLUNA, and MIR lack merit, drawing parallels to the Ripple ruling. They contend that the sales of these tokens do not meet the criteria to be classified as investment contracts under the Howey test, similar to XRP.

The document further discusses the difference between institutional sales in the two cases. While Ripple’s institutional sales of XRP were deemed investment contracts, the defendants’ lawyers argue that the institutional sales of LUNA and MIR in the Terra case were exempt from registration and different in nature. They believe this discrepancy supports the dismissal of the SEC’s fraud and registration claims.

SEC Sues Terraform Labs and Do Hyeong Kwon

The SEC’s lawsuit against Terraform Labs and Do Hyeong Kwon was filed last February, alleging misconduct that led to the collapse of the Terra ecosystem in May. Additionally, Do Kwon and an associate were sentenced to four months in prison for falsifying travel documents in a separate legal matter. The SEC case remains active in the US, with South Korean authorities seeking Kwon’s extradition.

This reference to the XRP victory in the Ripple case is not the first strategic move by the defendant’s legal team. In a previous filing, they presented evidence regarding congressional debates over cryptocurrency regulation, suggesting that the SEC should wait for legislative action before enforcement.

The significance of Judge Analisa Torres’ ruling in the Ripple case extends to the ongoing litigation surrounding Terra. It strengthens the argument that the SEC’s case lacks a strong foundation and points out inconsistencies in the regulatory approach to different cryptocurrencies. Industry leaders anticipate that this XRP victory will set a precedent and be leveraged in challenging the SEC’s perceived overreach within the crypto industry.

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According to a report from Bloomberg, South Korean prosecutors, who have been working to trace the missing crypto assets, said Kwon possibly moved $29 million worth of crypto by himself or someone did it on his behalf.

Read Also: Terra Classic (LUNC) Price Prediction as SEC Sues Terra Founder Do Kwon for Multiple Frauds

The report reads in part:

“We’re assuming that Do Kwon, or someone under his direction, took out the amount and moved it to another wallet, not to Sygnum, and cashed it out somewhere else. We are tracking it.”

Kwon was first arrested in Montenegro in March after attempting to board a flight to the United Arab Emirates (UAE) with a Costa Rican passport, which authorities say was allegedly forged. Kwon pleaded not guilty in May in a Montenegro court to charges of forging travel documents.

Authorities in both the United States and South Korea want to extradite the Terra founder, who is facing multiple charges arising from the $40 billion crash of the Terra ecosystem stablecoin TerraUSD (UST) and the crypto asset Terra (LUNA) now renamed Terra Classic (LUNC).

Read Also: Do Kwon Is Set To Integrate Terra Classic (LUNC) and Cosmos Chain Projects into Terra Station: Details

Kwon claimed on Twitter in February that he’d “stolen no money and never had ‘secret cashouts.’” He also said he was “happy to address any specific allegations” – though it remains unclear if he’s ever addressed the allegations in any public forum.

I find that Twitter is a good place for rumors but poor place to get facts

I've stolen no money and never had "secret cashouts" – happy to address specific allegations

In any case, good day to you

— Do Kwon (@stablekwon) February 1, 2023

Dan Sunghan, director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, informed Bloomberg that Kwon could serve more than 40 years in prison if found guilty of the charges.

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In the new development, Terraform Labs founder, Do Kwon and Terra’s former chief financial officer Han Chang-Joon are set to released on bail.

Read Also: Terra Classic (LUNC) Parity with LUNA 2.0 and Cosmos Upgrade? Here’s the Latest as New Date Fixed

Different media outlets like Vijesti and Hankook Ilbo, a branch of the Podgorica District Court,  confirmed the approval of the latest bail request. A new court ruling by the Montenegro court could lead to Kwon’s release on bail for the second time.

Recall that Kwon and Han were earlier granted bail in May on the condition that they did not leave their apartment and continued to attend hearings. The bail was estimated to cost around $856,000.

What Transpired?

Kwon and Han have both been detained and charged to court for allegedly attempting to flee Montenegro on falsified travel documents. On the other hand, Kwon and Han have been tagged wanted in their native land, South Korea, on the count of fraudulent activities.

In addition, Government agencies and police forces in both the United States and Singapore are pushing for the deportation of the charged duo. However, a high court decision got appealed by Montenegro prosecutors, culminating in the detention of Kwon and Han for the second time in Montenegro.

Kwon’s Reaction That May Lead To A Second Bail

Kwon made a statement move to hire one of the most globally renowned law firms, Dentons. However, his Montenegro-based legal team persuaded the Podgorica District Court to rule in his favor for a second time late last week.

Branko Anđelić, the lawyer that presided over the court case that may culminate in the release of the detained duo, confirmed that Kwon and Han must pay $436,000 each to secure bail. This implies that Montenegrin prosecutors have three days to appeal the bail terms while Kwon and Han will be remanded in custody until the High Court delivers its verdict. Also, should there be no new objectives, Kwon and Han would get discharged.

Read Also: As Terra Classic Finally Implements Major Network Upgrade, Is LUNC at $0.1 Feasible? Details

What Are The District Court And Prosecutors Saying

The district court noted that it needs more time to ascertain Kwon’s claims that Costa Rica passports and other travel documents found on him and Han were legal.

The prosecutors opined that the bail figure was not substantial enough. They argued that the accused duo still posed a significant flight risk coupled with poor surveillance measures.

Notably, Han and Kwon are due to appear in court for another hearing on June 16.

How Terra Classic (LUNC) Reacted to the News

Notably, amid this development, LUNC surged from a value of $0.00008445 at midnight on May 4 to a 6-week high of $0.00011550 at 23:00 on the same day. This surge marked a massive 36.7% in under 24 hours. However, the asset faced opposition at the $0.00011550 point.

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“We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD,” said SEC Chair Gary Gensler. “We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors, ” he added. 

Notably, LUNC’s price reacted negatively to the news, plummeting significantly in a few hours. At the time of writing, LUNC is trading for $0.0001677 per coin, showing a decline of over 4.5% in the last 24 hours. 

Could LUNC be in Trouble?

The sentiment around the Terra Classic native token, LUNC, suddenly turned bearish even though Do Kwon and TerraForm Labs are no longer involved with the asset. Recall that Do Kwon abandoned LUNC after the project failed in May to launch a new token dubbed LUNA. 

Subsequently, the now community-led Terra Classic project abandoned the TerraForm Labs infrastructure to become truly independent. Over time, several community-formed development groups including the Joint L1 Task Force, Terra Rebels, and TerraCVita emerged to paddle the LUNC boat. 

However, indicators on the LUNC chart such as the Relative Strength Index (RSI) and Moving Average (MA) indicate that LUNC could be in for an intense downtrend. Particularly, LUNC’s RSI — the purple line — number is currently below 40, signaling a high selling pressure. Should the prevailing LUNC sell-off increase, such that the RSI falls below 30 then, LUNC could decline massively in the short term. 

Related: Many Terra Classic Enthusiasts Don’t Believe LUNC Would Reach $1 by 2043, Recent Poll Shows

Correspondingly, LUNC’s 30-day moving average — the red line — is no longer showing signs of heading toward its 200-day average — the blue line on the chart. In retrospect, LUNC could be headed to the $0.00015 level if the key short-term support level of $0.000160 is broken. 

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A fresh report showed that the Gary Gensler-led SEC filed a lawsuit against Do Kwon and TFL on Thursday over the failure of UST — now represented as USTC — in May 2022. This adds to the list of different individual and class action lawsuits slammed against the on-the-run CEO, Do Kwon. 

Particularly, the securities watchdog charges the above-mentioned defendants because they disobeyed the registration and anti-fraud provisions of the Securities Act and the Exchange Act. The SEC filed the crypto lawsuit in the U.S. District Court for the Southern District of New York

The SEC contends that the Singapore-based blockchain company and its CEO orchestrated a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin (UST) and other crypto asset securities. 

SEC Chair Gary Gensler said, “We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD,” said SEC Chair Gary Gensler. “We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors.”

Per the update, the financial regulator which recently fined Kraken $30 million for offering an unregistered security staking program added that “Terraform and Kwon raised billions of dollars from investors by offering and selling an inter-connected suite of crypto asset securities, many in unregistered transactions.” 

Notably, this lawsuit comes nine months after TerraClassicUSD (USTC), formerly known as TerraUSD (UST) depegged and lost parity with a dollar due to an error in project management and many other unclear factors. 

The dramatic collapse of this supposed stablecoin led to the massive plunging of its sister token LUNA (now called LUNC). Roughly $40 billion was lost in the immediate Terra ecosystem whereas the incident wiped out about 60 billion dollars from the broader crypto market.

The present woes of Celsius Network, Voyager Digital, and Three Arrows Capital (3AC) were caused by the depegging of UST. Hopefully, the SEC is able to get justice for the many victims of the Terra ecosystem meltdown.

LUNC is yet to recover from the historic crash it recorded. But the project which is now community-led is slowly revitalizing as many notable developments surround it including the Terra Classic token burning initiative to reduce the asset’s total supply to 10 billion and staking to increase token scarcity.

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On the 9th of January, the plaintiff gave notice of voluntary dismissal of the case “without prejudice and without costs against the defendant(s) Delphi Digital Consulting, LLC, Do Kwon, Jose Macedo, Jump Trading, LLC, Kanav Kariya, Luna Foundation Guard, Ltd., Nicholas Platias, Remi Tetot, Terraform Labs, Pte. Ltd…”

Read Also: 1.2% Tax Burn to be Implemented As StarShip Accepts Terra Classic (LUNC) as Payment Method

Recall that the lawsuit filed in August 2022 accused Do Kwon and others of violating the Racketeer Influenced and Corrupt Organizations Act by inflating the price of UST and publicizing false information to mislead the public over the allegation of money laundering, worth $80 million.

The report reads in part:

“Defendants touted the stability of the coins and guaranteed 20% annual returns on coins deposited in Terraform Labs’ high-yield savings application on the Terra blockchain — the Anchor Protocol.”

Read Also: Top LUNC Dev Submits Proposal for No Canonical Repo on Terra Classic

A Terraform Labs Spokesperson, who commented on the new development via an email recently sent to TimesTabloid, said:

“In another victory for Terraform Labs, the plaintiff in Albright v. Terraform Labs voluntarily dismissed the case after it was demonstrated that he had sustained no injury. From the moment the Terra ecosystem was attacked and UST depegged, TFL has been adamant that neither the company nor its principles committed any wrongdoing.

“Since then, South Korean prosecutors had nine of their nine detention warrants rejected by the courts, the LFG report was released and demonstrated the above and-beyond efforts by LFG and TFL to defend the UST peg, an explanation emerged for the attack itself, and now this case has been voluntarily dismissed.  The intervening months have confirmed that the facts are on our side, and more are and will continue to come to light.”

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Spurred by the latest development, Terra founder Do Kwon has called out the beleaguered crypto entrepreneur SBF to make public the handling of the billions of dollars worth of BTC borrowed from Voyager by Alameda Research. 

Kwon further accused FTX’s Sam Bankman-Fried of shorting BTC to handicap the Luna Foundation Guard’s reserves, citing that Alameda has a record of borrowing lump sums in BTC on the de-peg dates of the algorithm-based stablecoin, formerly called UST.  

“Alameda borrowed 9 figures in bitcoin from Voyager (public bankruptcy filings) on depeg dates and asked other large firms to borrow more (10 figs) – what this was used for needs to become public knowledge. Short BTC to handicap LFG reserves?” he tweeted. 

As stated by the Terra founder, the fall of the former TerraUSD (UST) began in February 2021 when SBF’s hedge fund Alameda Research, sold 500 million UST in a few minutes to drain its Curve pools. 

This is fairly public knowledge at this point, but the large currency contraction that UST went through in Feb 2021 was started by Alameda, when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis

— Do Kwon (@stablekwon) December 8, 2022

Likewise, the TFL founder has requested Genesis Trading, a lending firm, to make clarifications regarding the $1 billion worth of UST bought by them before the May Terra collapse took place.

“I think the time has come for Genesis Trading to reveal if they provided the $1B UST shortly before the crash to SBF or Alameda – the purchase from LFG was represented as stemming from “interest to participate in the Terra Defi ecosystem” – not to provide ammo for a peg attack,” he wrote on Thursday. 

Read Also: CZ Binance Brands FTX’s Bankman-Fried “One of the Greatest Fraudsters in History”

Sam Bank-man Fried Blamed For Do Kwon’s UST Failure

While Genesis Trading is yet to issue an official statement and federal prosecutors are still in the process of ascertaining SBF’s involvement in the collapse of the algorithmic stablecoin, initially labeled TerraUSD, a recent update showed that the FTX founder’s hedge fund Alameda Research, perhaps, orchestrated the fall of UST. 

In response to Do Kwon’s claims, José Maria Macedo, the builder of Dephil Labs, took to Twitter on Thursday to make some revelations. 

According to him, “Genesis, a lending firm, “bought” $1B of UST from LFG in April. This UST was sold into the Curve pool during the early morning hours on Sunday (May 8th), initiating the depeg.”  “The answer to who attacked UST will be found in the Genesis lending book,” he added. 

Read Also: Ethereum’s Vitalik Buterin: FTX Exchange Meltdown “Cuts Deeper” Than Terra (LUNA) Collapse

José Macedo who listed several disclosures that pointed to Sam Bankman-Fried as the cause of Terra collapse noted that SBF was famously bearish of UST, confirming that FTX did set off the February 2021 de-peg incident of UST. 

Evidence for Alameda being the attacker:

-Known to be borrowing BTC in size at the time (Voyager filings)
-FTX listed UST perps shortly before this
-Set off the previous UST depeg event in Feb 2021
-Sam was famously bearish UST. Alameda known for being aggressively PvP

— José Maria Macedo (@ZeMariaMacedo) December 8, 2022

“Ultimately, it doesn’t matter if UST was attacked. The winning decentralized money must be robust and able to withstand highly adversarial conditions. UST was not. However, it would be poetic justice if Alameda set off the events that ultimately led to their own demise,” he concluded.

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As disclosed by the pseudonymous validator on the Terra Classic network, Classy Crypto, Do Kwon who abandoned LUNC to launch Terra 2.0 (LUNA) in May has set out to contribute toward the revitalization of the LUNC project. 

Particularly, the Terra founder who had earlier integrated Terra Classic into the official wallet of Terra, affirmed that Terra Station would perpetually support the LUNC community. Do Kwon also noted that the TFL would accommodate Terra Classic in future partnerships secured for LUNA. 

“We’ll maintain Terra Station for the $LUNC community as long as it takes. We’re comfortable doing it for the foreseeable future. We’re happy to include the $LUNC community in many future $LUNA collaborations,” Do Kwon asserted in a recent AMA session per Classy Crypto’s tweets.  

“We’ll maintain Terra Station for the $LUNC community as long as it takes. We’re comfortable doing it for the foreseeable future.” –@stablekwon on his latest AMA

— Classy (@ClassyCrypto_) November 22, 2022

Read Also: Terra Classic to Soon Become Fully Cosmos Interoperable As New Upgrade Is Slated For December

The TFL’s decision to include the LUNC in future LUNA collaborations is believed to be quite timely and significant for the Terra Classic community. Currently, the Terra Classic team is on course to launch the v23 network upgrade. This upgrade planned for December 2022, aims to make Terra Classic compatible with decentralized applications on the Terra (LUNA) chain. 

In highlighting the significance of the v23 upgrade, LUNC DAO, the fourth-largest validator on the Terra Classic network stated that achieving a technological parity between LUNC and LUNA, will allow Dapps on the LUNA chain to deploy easily on the LUNC network. 

Consequently, this would lead to increased on-chain activity on the Terra Classic network. LUNC DAO further wrote, “LUNA is the hope for the heartbroken community to rebuild.”

16/ Fundamentally, I believed:

A) That $LUNC had tremendous value + was woefully undervalued at <$200M MCap. This was true. The exact valuation now depends on factors like Terra Rebels ability to organize themselves

B) $LUNA is the hope for the heartbroken community to rebuild

— 🅻🆄🅽🅲 🅳 (@LUNCDAO) October 23, 2022

Related: Do Kwon Agrees to Suggestion of a Mutual Alliance between LUNC and LUNA: Details

It is worth noting that Do Kwon has demonstrated support for the Terra Classic community in several instances. As earlier reported by TimesTabloid, the Terra founder told Alex Forshaw, a top LUNC community member about an Ethereum multisig wallet, containing non-Terra assets worth about $4.16 million then.

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