Breaking: Do Kwon and Terraform Labs Withdraw Millions A Year After Terra-LUNA Crisis | Coingape

Terra co-founder Do Kwon reportedly withdrew 2.8 billion won ($2.15 million) worth of digital assets before his bail was approved by a Montenegro court, according to reports by several South Korean media outlets. CoinGape Media earlier reported that Terraform Labs, co-founded by Do Kwon and Daniel Shin, transferred 1.8 million Convex Finance (CVX) tokens worth

Timeline of Terra-luna-v2, Terra-luna

The recent announcement by Binance, one of the leading cryptocurrency exchanges, regarding its support for Terra Classic's (LUNC) network upgrade to v2.0.1 has added further excitement and price potential around the network.

Four proposals related to increasing burn tax, LUNC burn, and staking were passed by the Terra Classic community. The proposals outline key changes including raising the LUNC burn tax to 0.5%, rewarding people for staking, whitelisting Dapps contracts, and increasing community pool funding.

Chicago-based crypto trading firm Jump Trading is once again facing scrutiny from the U.S. Securities and Exchange Commission (SEC) as new court filings shed light on a clandestine agreement between the company and the now-defunct Terraform Labs regarding the TerraUSD stablecoin.

Recent court filings made by the SEC confirmed that Chicago-based Jump Trading entered a secret deal with Do Kwon and Terraform Labs to prop up TerraUSD a year before its collapse.

Terra Classic new project DFLunc, gaining popularity for its massive LUNC burn mechanism, has burned almost 2 billion LUNC tokens in two weeks. The DeFi protocol was launched in April to deflate LUNC circulating supply more rapidly by burning billions of tokens.

Do Kwon, co-founder and CEO of Terraform Labs sold crypto assets LUNC and USDT for a countervalue of $2.8 million before being released on bail in Montenegro, where he was previously detained.

Montenegro's acceptance of bail for Terra (LUNA) founder Do Kwon signifies a potential turning point in his legal challenges. This development not only impacts Kwon personally but also carries significant implications for the wider Terra community and the evolving legal landscape of cryptocurrency.

After denying many proposals related to raising LUNC burn and burn tax, the Terra Luna Classic community finally decided to increase the LUNC burn tax. The move came as LUNC price fell below $0.000010 last week, reaching levels of last May when TerraUSD (UST) and LUNA prices collapsed drastically.

The Proposal for v2.0.1 Upgrade submitted by Terra Classic core developer Joint L1 Task Force (L1TF) has passed the threshold limit. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra Classic chain.

It's been a year of the most dreadful events in the crypto space, wherein the Terra ecosystem collapsed, bringing the value of its token from its highs to almost zero. Since then, many efforts have been carried out to revive the ecosystem, with the creation of Terra (LUNA) being the most prominent one.