Community Approves Proposal to Reinstate IBC Between Terra Luna and Cosmos Chain

In a significant development in the blockchain world, the community has voted unanimously in favor of a proposal to re-enable inter-blockchain communication (IBC) between Crescent and Terra Luna Classic. This decision comes as a result of Proposal 271, aptly titled “Re-enable IBC Client to Terra Classic.

Timeline of Cosmos, Terra-luna-v2

LUNC News: The community has unanimously voted in favor of a proposal to re-enable inter-blockchain communication (IBC) transfers between Crescent and Terra Luna Classic. Professor Edward Kim earlier announced the reopening IBCs for Osmosis, Crescent, and Juno that were disabled during the May 2022 Terra-LUNA crisis.

Do Kwon – the nefarious founder of the now failed stable coin company Terraform Labs – will spend the next four months behind bars in Montenegro after he was detained at one of the nation's airports with forged documents and phony passports.

On July 31, a U.S. judge overseeing the case denied Terraform Labs' motion to dismiss a lawsuit filed by the United States Securities and Exchange Commission (SEC). The lawsuit, filed on February 16, accuses Terraform Labs and its founder, Do Kwon, of orchestrating a multi-billion dollar crypto asset securities fraud.

The judge in the FTX bankruptcy proceedings is permitting Terraform Labs to subpoena relevant information from the exchange in its ongoing case against the U.S. Securities and Exchange Commission (SEC). According to Judge John Dorsey's filing on July 31st, Terraform Labs can issue subpoenas to FTX Trading and FTX.

Judge John Dorsey from the U.S. Bankruptcy Court has sanctioned Terraform Labs' request to subpoena vital documents, potentially aiding its defense against fraud charges made by the SEC in the ongoing FTX bankruptcy case. District of Delaware's U.S.

The crypto industry has been in high spirits after a federal judge ruled that programmatic sales of Ripple's XRP token are not classified as securities. A dueling opinion from a different federal judge issued Monday however may burst crypto fans' bubble.

On July 31, federal judge Jed Rakoff denied Terraform Labs' motion to dismiss the SEC's lawsuit against their company and founder, Do Kwon. He refused to apply the logic from the recent ruling in favor of Ripple Labs, which determined that Ripple's XRP sales did not violate federal securities laws because the sales were made to institutional investors and not to the general public.

Judge Rakoff has denied a motion to dismiss the Terraform Labs lawsuit against the SEC and expressed disagreement with the recent ruling in Ripple's case. Terraform Labs Fails to Follow the Road taken by Ripple against SEC Last month, Ripple Labs celebrated its partial but remarkable victory in the 3-year-long battle against the US Securities and Exchange Commission (SEC).

Terraform Labs claimed that the failures of its algorithmic stablecoin and governance token were the result of an attack from short sellers, potentially involving Alameda Research.

After a federal judge issued a conflicting decision in a Terra case that the SEC had filed, the classification of digital assets in the US is still up in the air. The court rejected the judge's ruling that Ripple's XRP sales did not break any securities regulations in the Terra case.