Terraform Labs May Be Holding Over $159,000,000 in Crypto Despite Claims of Almost Losing Everything: Arkham Intelligence

Terraform Labs could be holding more than $159 million worth of crypto despite previous claims to the contrary, according to new on-chain sleuthing performed for Arkham Intelligence. The sleuthing, executed by the pseudonymous on-chain analyst ErgoBTC and another anonymous on-chain researcher, was incentivized by a bounty of 9519.263 Arkham's newly launched native token (ARKM).

Timeline of Arkham, Terra-luna-v2, Terra-luna

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.

The world's largest crypto exchange Binance has burned 1.41 billion Terra Luna Classic (LUNC) tokens in the 12th batch of the LUNC burn mechanism. With the latest burn, the total LUNC burned by the crypto exchange reaches near 37 billion and the total burn by the community surpasses 71.5 billion LUNC tokens.

Terra Classic (LUNC) has encountered a downward trend in the past weeks, defying expectations even in the face of promising advancements. Despite garnering support from industry giant Binance for its latest network upgrade, the token's value has been on a steady decline, losing nearly 10% of its value in a month.

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.

There has been a major shift in the legal struggle between stablecoin issuer Terraform Labs and the U.S. Securities and Exchange Commission (SEC). U.S. District Judge Jed Rakoff, ruling over the case, refused Terraform Labs' motion to dismiss the SEC's action against them on Monday.

In the most recent developments in the ongoing case between Terraform Labs and the United States Securities and Exchange Commission (SEC), a U.S. federal judge decided on Monday that the crypto firm and its founder, Do Kwon, will continue to face fraud allegations.

A federal judge overseeing the SEC's lawsuit against Terraform Labs and Do Kwon has rejected the ruling of fellow judge Analisa Torres which found that XRP sold on secondary markets were not securities.

The Terra Luna Classic community favors burning 800 million USTC tokens linked to Ozone Protocol rather than returning them to the community pool. Validators and some members have introduced a counter-proposal to prominent member Vegas' proposal to return the 800 million USTC tokens back to the community pool.

LUNC News: Terra Luna Classic community passed a key proposal enhancing governance and decentralization in the transition to the Commonwealth forum. With the proposal submitted by Terra Luna Classic validator Happy Catty Crypto now passed, current Commonwealth administrators need to revoke their rights and pass access to Joint L1 Task Force developer Vinh Nguyen.