Court Says Jump Trading Must Be Part of Terraform Labs Trial

Jump Trading will join crypto firm Terraform Labs (Terraform) and the US Securities and Exchange Commission (SEC) in a civil trial next year. A judge ruled that Terraform engaged in sales of unregistered securities, but he may need fresh insight on how Jump Trading acted as a market maker for the company.

Timeline of Terra-luna-v2, Terra-luna

After Do Kwon abandoned LUNC and USTC (formerly UST) and established a new Terra (LUNA) chain, the Terra Classic community, comprised of dedicated validators and developers, made numerous efforts to revive LUNC and repeg USTC. This year, Terra Classic ecosystem tokens LUNC and USTC backed by the dedicated community have outperformed Terra (LUNA) substantially.

The judge presiding over the lawsuit involving Do Kwon, Terraform Labs, and the US SEC ruled that Kwon and his company violated US laws. In a summary judgment, Judge Rakoff found in favour of the SEC, ruling that Terraform failed to register LUNA and MIR as securities.

The SEC claimed that Terraform Labs and Kwon "orchestrated a multi-billion-dollar fraud involving the development, marketing, and sale of various cryptocurrencies," according to court documents.

With many governance proposals related to updates, burn, staking, and others passed, some key Terra Luna Classic community members and validators believe it is imperative to bring back builders on the chain to revive LUNC and repeg USTC to $1. Tax2Gas — incorporating the tax into the gas and removing the need for separate handling

Despite its collapse in 2022, Terra (LUNA) is now one of the top altcoins by market cap, according to Coingecko data on December 20. The coin was trading at above $0.95, pushing its market cap to over $579 million. LUNA ranked #99 on Coinmarketcap at press time.

A popular Terra Luna Classic community member and validator VegasMorph has come up with a proposal to burn all 8 million TerraClassicUSD (USTC) in the community pool. The move comes amid the renewed narrative to burn 800 million USTC from Risk Harbor Multisig Wallet, which was also initially suggested by VegasMorph.

In a significant turn of events, a court in Montenegro has overturned the extradition order of Do Kwon, co-founder of Terraform Labs, to the United States or South Korea. The Podgorica-based Appeals Court made the decision, which cited procedural irregularities and lack of clarity in its ruling.

The Terra Luna Classic community made a decision to reject a proposal suggesting the burning of 800 million TerraClassicUSD (USTC). Instead, the community is exploring alternative methods for a more effective and efficient fund burn.

The Terra Luna Classic community rejected a proposal to burn 800 million TerraClassicUSD (USTC) as they look for better ways to burn these. The community believes there are easy ways to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet without an update and any legal consequences.

Even with positive news within the LUNC community, bearish forces seem to have a strong grip on the market. CoinGlass reports that in the past 24 hours, a total of $222,000 worth of long positions were wiped out, despite the open interest remaining positive.