Big Reason To Worry For The Terra Luna Classic (LUNC) Community

Terra Luna Classic community has failed to burn significant LUNC tokens this week as part of the commitment to remove tokens from the total circulating supply. The Terra LUNA Classic community burned just 5 million LUNC tokens this week, losing the focus to burn in the absence of crypto exchange Binance's monthly LUNC burn mechanism.

Timeline of Terra-luna-v2, Terra-luna

Terra (LUNA) and Terra Classic (LUNC) prices witnessed a sudden fall after the Securities and Exchange Commission (SEC) on Friday filed a lawsuit against Do Kwon, Terraform Labs, and affiliates. It indicates that Do Kwon still has influence over LUNA, as well as LUNC.

Terra-related tokens lost an average of 5% in the last 24 hours following the United States Securities and Exchange Commission's (SEC) charges against Terraform Labs and Do Kwon, according to CryptoSlate's data.

The terra luna classic price has fallen to $0.00016791, with its 4.5% drop today following the news that the SEC is charging Terraform Labs and CEO Do Kwon "with orchestrating a multi-billion dollar crypto asset securities fraud." LUNC remains up by 4.5% in the past week, but is down by 4% in the last 30 days, amid a turbulent time for the market as a whole.

Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, is experiencing a capital outflow after the United States Securities Exchange Commission (SEC) formally charged founder Do Kwon.

Former cryptocurrency kingpin Do Kwon has been charged with orchestrating a multibillion-dollar crypto asset securities fraud by the US Securities and Exchange Commission (SEC). South Korean native Kwon spearheaded Terraform Labs, the Singapore-based developer of failed stablecoin Terra USD and sister coin LUNA, both of which saw a stunning US$40bn collapse in May 2022.

While the crypto market reel under regulatory action from US financial regulators, TerraClassicUSD (USTC) and Terra Classic (LUNC) prices show strength as blockchain upgrade v1.0.5 is almost here. It will make transaction fees (gas and burn tax) estimation and future chain upgrade a lot easier and smoother.

Upgrade v1.0.5, which will pave the way for the resumption of the Terra Classic (LUNC) token burning of the cryptocurrency trading platform Binance, is scheduled for launch on February 14, as a development that could positively influence the price of LUNC in the short term.

The terra luna classic price has dropped by 3.5% in the past 24 hours, as part of a marketwide fall caused by speculation regarding the SEC acting against Paxos and the BUSD stablecoin. At $0.00016228, LUNC is also down by 10% in a week and by 8.5% in the last 30 days, with the altcoin seeing its market cap fall below $1 billion over the weekend.

Altcoins in the crypto space have been seeing a lot of volatility lately as major cryptocurrencies Bitcoin and Ethereum face resistances which hindered their growth. Luna Classic, the revival attempt of the Terra Luna ecosystem, is one of those tokens that is facing losses in the short term.

The terra luna classic price has dropped by 4.5% in the past 24 hours, amid a day of losses for the cryptocurrency market as a whole. At $0.00017485, it has gained by 2% in a week and by 3% in the last 30 days, held back from further gains by delays to LUNC burning and in-fighting within the Terra Luna Classic community.