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Terraform Labs Challenges SEC $5.3B Fine for TerraUSD and Luna Collapse

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Terraform Labs, the firm behind the­ algorithmic stablecoin, challenging the substantial fine­ sought by the US Securities and Exchange­ Commission (SEC). After being found liable for fraud in April 2024, Te­rraform Labs is now contesting a $5.3 billion penalty, asserting that most of the­ir operations occurred outside the­ jurisdiction of the United States, according to Bloomberg.

The­ substantial penalty recommendation originate­s from the SEC’s legal action against Terraform Labs and Do Kwon, the­ initiative’s co-creator. The re­gulatory body contends that the 2022 collapse of UST, de­signed to maintain parity with the US dollar, led to a stagge­ring $40 billion investor loss, causing ripples throughout the cryptocurre­ncy market.

Terraform Labs’ Defense Strategy

Terraform Labs’ defense hinges on the location of their token sales. Their lawyers argue that offers and sales of tokens occurred almost entirely outside the US. They further emphasize the lack of evidence presented by the SEC to demonstrate that Terraform Labs or Do Kwon’s limited US activity directly caused the billions in investor losses.

This defence strategy raises a crucial question: can a company avoid legal repercussions in a specific region by conducting most of its business elsewhere? The SEC, unsurprisingly, disagrees. They view the fine as a necessary deterrent against “brazen misconduct” and have requested the court to deliver “an unequivocal message” that such actions will not be tolerated within the US financial landscape.

The $4 billion in “ill-gotten gains” the SEC alleges Terraform Labs and Do Kwon obtained from unregistered sales of LUNA and UST tokens adds another layer of complexity. While Terraform Labs maintains their sales primarily occurred overseas, the SEC likely argues that the impact on US investors necessitates regulatory action.

SEC Pursues Global Crypto Regulation Challenges

The SEC’s actions show the­ difficulties of governing the worldwide­ crypto market, frequently operate­ across borders, resulting in intricate jurisdictional issue­s. Despite most transactions occurring abroad, the SEC’s pursuit of fine­s against Terraform Labs shows regulators’ increase­d determination to hold international crypto firms answe­rable for activities impacting the US.

Do Kwon’s legal counse­l adopted a comparable strategy, conte­nding that his endeavours with Terraform Labs did not have a “foreseeable substantial effect” within the United State­s. This stance shows the­ global nature of the crypto industry and the ongoing discourse­ concerning the establishme­nt of clear legal frameworks across borders.

The judge­’s ruling regarding Terraform Labs’ penalty will garne­r great interest from the cryptocurre­ncy industry. A substantial fine could establish pre­cedents for tougher re­gulations and enforcement on global crypto firms. This may impact future­ innovations and investments within the industry.

Related Reading | Altcoin Potential: Decoding Trends Amidst $2.816 Trillion Projections

Dogecoin’s Lunar Weekend: Projections Unveiled As Mission Takes Center Stage

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Dogecoin (DOGE) enthusiasts are in for an exciting weekend as the meme coin prepares to make history with a literal journey to the moon. Pittsburgh-based Astrobotic is gearing up to launch a physical DOGE to the moon in collaboration with DHL Moonbox and ULA’s Vulcan Centaur Rocket, marking a momentous event that has captured the crypto community’s attention.

The highly anticipated “Dogecoin on the Moon” mission, announced on Nov. 16, triggered a remarkable 20% surge in DOGE’s price, highlighting the tangible impact of real-world events on the cryptocurrency market. As the countdown to the launch, scheduled in just over 24 hours, continues, analysts are closely watching for potential price fluctuations for DOGE over the upcoming weekend.

As of the latest update, DOGE is currently trading at $0.09295, reflecting a 1.46% increase. Over the past 30 days, the coin has experienced a notable 24% surge, signaling positive momentum leading up to the lunar mission. In December 2023, crypto experts predict an average DOGE rate of $0.0915, with an anticipated price range fluctuating between $0.0882 and $0.0947, indicating potential monthly variations.

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Dogecoin's Lunar Weekend: Projections Unveiled As Mission Takes Center Stage 2

Dogecoin Anticipates Weekend Surge

In the immediate future, analysts foresee an uptick in Dogecoin’s value over the weekend, projecting a 3.43% surge that could see DOGE reaching a peak of $0.094615. By Sunday, Dec. 24, DOGE is expected to be trading at $0.093034. The excitement of the lunar mission is anticipated to stimulate increased interest and trading activity in DOGE.

Real-world events, such as Dogecoin’s lunar voyage, have a history of influencing investor sentiment and market dynamics. The community’s enthusiasm for Dogecoin’s unique initiatives and broader market factors could contribute to significant price movements.

Dogecoin’s venture into space represents a playful and historic event and holds the potential to act as a catalyst for market shifts. As the weekend unfolds, traders and enthusiasts alike will closely monitor DOGE’s price movements, eagerly awaiting the outcome of its lunar mission. 

The ongoing intersection of real-world developments and the cryptocurrency market creates a captivating and dynamic landscape, reaffirming Dogecoin’s status as a crypto token that transcends conventional boundaries.

Crypto Analyst’s Saga: Lessons Learned From AVAX, SOL, & LUNA Rollercoaster

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In a recent thread of tweets, renowned crypto analyst Miles Deutscher reflects on the rapid rise and fall of cryptocurrencies $AVAX, $SOL, and $LUNA over the past 16 months. What started as a triumphant journey with all three coins trading above $100 eventually led to a mixed fate, with one currency plummeting to zero, another resting at $10, and the third falling behind. Deutscher, however, emphasizes that amidst the price volatility lie essential lessons for traders.

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The Hidden Key to Crypto Success

Deutscher’s first lesson is to comprehend the narrative hype cycle. Dividing it into three phases—pre-, mid-, and post-cycle—he underscores the significance of entering during the initial phases to maximize profits and limit losses. 

His analysis corroborates legendary investor Howard Marks’ assertion that even promising assets can become overpriced and vice versa. Deutscher’s advice: spot potential winners early.

In Phase 1, Deutscher insists on identifying the driving narrative of each cycle. For instance, during the previous cycle, the L1 narrative gained traction as Ethereum struggled with scalability, creating room for emerging projects like “SOLUNAVAX” to excel. 

The key, Deutscher believes, is to recognize upcoming challenges and identify projects poised to address them. Acting swiftly when the trend gathers momentum is crucial.

In lesson 3, Deutscher advocates for calculated risk-taking. Being discerning about when to seize opportunities and when to be cautious is imperative in crypto trading. Drawing from @0xWangarian’s insights, Deutscher shares that his past regret was not betting more when he had conviction. Balancing risk and reward is a paramount aspect of successful trading.

The final lesson warns against becoming a “bag holder.” While altcoins offer lucrative gains, they lack the stability of a store of value. Deutscher underscores the importance of incremental profit-taking on the way up to alleviate pressure when timing the peak. Vigilance is also essential during a narrative’s decline, as spotting early signs of fading momentum can prevent significant losses.

Deutscher concludes by admitting he didn’t master these lessons in the previous cycle, but the insights gleaned are invaluable for the next phase. He acknowledges the rapidly evolving nature of the crypto space but affirms that human emotions of fear and greed remain constant, offering traders an exploitable edge.

Related Reading | Dogecoin Defies Trademark Norms, Sparks Crypto Cheers

Shiba Inu Surges To AltRank™ 1, Outperforming 4,489 Coins In Crypto Market: LunarCrush

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LunarCrush, the renowned cryptocurrency data analytics platform, took to Twitter to announce an impressive milestone achieved by Shiba Inu. Based on a comprehensive evaluation of relative combined social and market activity, the digital token Shiba Inu has soared to claim the coveted AltRank™ 1 position, surpassing a staggering total of 4,489 coins currently circulating in the cryptocurrency market.

AltRank™, a unique me­tric introduced by LunarCrush, serves as a powe­rful indicator of how well a coin performs within the broade­r crypto landscape. By analyzing both social media engage­ment and market activity data, AltRank™ provides valuable­ insights into where a coin stands in the digital asse­t ecosystem.

The Shiba Inu’s incre­dible rise to the top spot on the­ AltRank™ leaderboard showcases its impre­ssive presence­ and widespread popularity across multiple social me­dia platforms.

However, excitement ripples through social media as SHIB enthusiasts gear up for the forthcoming Shiba Inu-based layer 2 blockchain, Shibarium. The developers recently unveiled a live bridge for public testing, enabling seamless token transfers between Shibarium and Ethereum networks. 

Chief developer Shytoshi Kusama disclosed that initially, users could transfer testnet ether tokens to Shibarium. Expected to commence operations next month, each transfer should take a maximum of 30 minutes. 

Notably, real assets were not yet supported as of Friday. The bridge’s introduction is a game-changer as it paves the way for efficient “Layer 2” protocols, alleviating scaling and data bottlenecks. 

Meanwhile, DoggyDAO, a decentralized autonomous organization governed by token holders, will fund projects on the Shibarium blockchain upon its launch. The testnet’s vibrant activity, with 27 million transactions from around 16 million wallets in July, underscores the network’s growing demand.

 Shiba Inu Surges To Reclaim Top 15 Crypto Spot

The infamous SHIB token has experienced a rollercoaster ride in the final months of 2022. After reaching a peak of $0.00001739 in August, the price encountered a downturn, struggling to hold on to its gains.

However, the tides have turned for Shiba Inu, as it made a powerful comeback. Over the past seven days, SHIB witnessed a remarkable surge of 8.48%. This boost propelled it past other prominent cryptocurrencies like Wrapped Bitcoin and Bitcoin Cash, securing the 14th position in the market cap rankings.

SHIB 7D graph coinmarketcap 1
CoinMarketcap

As of the latest update, the current SHIB price stands at $0.000008458, and the circulating supply totals 589,346,914,631,298 SHIB. The 24-hour trading volume registered at $162,810,201, indicating significant investor interest in this crypto’s recent resurgence.

Related Reading | Ripple Partners With FPC To Improve Global Payments With Crypto

Court Drops Terra Luna Co-Founder Hyun-Seong’s Warrant

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For some time now, Terraform Labs has been making headlines. According to sources, South Korean authorities summoned the company’s co-founder Daniel Shin, also known as Shin Hyun-Seong, earlier this month for an inquiry into claims that he improperly benefitted from the sale of LUNA [now LUNC] tokens.

According to a South Korean news source, the prosecution wanted to arrest Shin. According to sources, the prosecution has charged Shin with making illegal profits while secretly selling $105 million of LUNA at a market high. He was also charged with violating the Electronic Financial Transaction Act by using customer data from Chai, another company he managed, to promote Luna.

However, Shin had previously stated that in 2020 he terminated ties with Do Kwon and Terraform Labs. He later founded the payment technology company Chai Corporation, where he is currently CEO and founder.

Change Of Events For Terra-Luna Co-Founder

It has just come to light that the court on March 3rd dismissed the arrest order for Shin Hyun-Seong, the former CEO of Chai Corporation and the founder of Terraform Labs, the company responsible for creating the virtual currency known as “Terra Luna.”

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Terra Luna Co-Founders: Daniel Shin (left) and Do Kwon (right)

In the stablecoins meltdown, which shook the world virtual currency market in May of this year, Shin is seen as a crucial player. Even trying to find a replacement hire for former CEO Shin has failed, and with Terraform Labs co-founder Kwon Do-Hyung staying abroad and not coming back to Korea, it can be assumed that the probe will be difficult.

After questioning the suspects (warrant review) and arresting them the previous day, chief judge Hong Jin-Pyo of the Seoul Southern District Court dismissed the arrest warrant at roughly 2:20 am on the same day.

Judge Hong said,

“Considering the attitude toward the investigation, the circumstances, process, and contents of the statement, it is difficult to see that there is a risk of destroying evidence or escaping beyond the scope of exercising the right to legitimate defense.”

Warrants for three early backers and four Terra Luna developers, who were also jointly sought, were all denied for the same reason.

Terra’s Co-Founder Reportedly Sold 70% LUNA Before Price Hike

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Earlier this week, it was revealed that South Korean authorities had summoned former Terra executive Shin Hyun-seong, aka Daniel Shin, to an investigation into allegations that he had unfairly profited by selling LUNA [now LUNC] tokens.

Shin was accused of “holding pre-issued LUNA tokens without informing regular investors and then reportedly generating gains of 140 billion Korean won when he sold the tokens at a high point,” as a result. The same was worth approximately $105.52 million.

Terra Co-Founder Denies Illegitimate Profits Of $100M

Shin testified in front of the prosecution on November 17 that he was in possession of a sizable number of LUNA tokens at the time of the accident. Additionally, he denied selling tokens when LUNA was near its highs. A local media report claims,

“Shin is said to have made a statement to the prosecution to the effect that “more than 70% of the disposed Luna was traded before the price soared, and a significant amount was retained even at the time of the collapse.”

In a recent decision, the prosecution determined that the LUNA cryptocurrency qualifies as a financial investment security. As a result, it is “actively investigating” charging Shin with crimes under the Capital Markets Act, namely engaging in fraudulent illegal activities.

The former Terra executive is also charged with harming the business by promoting LUNA and the native stablecoin of the Terra ecosystem while using customer data and funds held by Chai Corporation, the organization where he currently holds the positions of CEO and Founder.

Nevertheless, a Chai representative recently informed Watcher Guru through email that the organisation has been running independently from Terra since Q1 2020. Shin has “cooperated” with the authorities in the continuing Terra probe and will “continue to do so,” according to the issued statement.

Shin has repeatedly said that he severed connections with Do Kwon and Terraform Labs in 2020. He then went on to found Chai Corporation, a provider of payment technology, where he is presently CEO and founder.

Why Budblockz Is More Stable Than Terra Luna

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The cryptocurrency market is full of ups and downs, coins are always losing value and then appreciating again, often within short timeframes. Although investors are well aware of the massive price swings in the crypto space, they still prefer coins that show more stability in the long run as they are more reliable. BudBlockz is a new crypto project that is proving to be more reliable than older coins such as Terra Luna.

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What Is BudBlockz?

BudBlockz is a cannabis-centric platform seeking to unite cannabis users, businesses, investors, cafes, and dispensaries from every corner of the world.

The BudBlockz team is creating a global marketplace where cannabis lovers can purchase physical wed products within weed-friendly jurisdictions. Those who reside in places where cannabis is still criminalized can participate in the BudBlockz ecosystem by purchasing NFTs to own percentages of cannabis farms, dispensaries, and businesses.

BudBlockz is the first blockchain to allow cannabis lovers to purchase NFTs that are asset-backed by cannabis-based businesses. Because of BudBlockz’s unique approach to the cannabis industry, the platform’s main coin, $BLUNT has received massive attention from investors from the launch of the private sale, and into the pre-sale the token has continued to shine. The growth of the cannabis industry, which is expected to skyrocket in the coming years coupled with the fact that more governments are decriminalizing weed is also playing a major role in the warm reception $BLUNT is receiving.

$BLUNT is expected to remain stable in the coming years and continue appreciating. Since inception the token has already gained over 75% in value, and the signs show it will continue

What Is Terra Luna?

Terra is a community-governed open-source blockchain that hosts an array of applications. Terra allows its users to use already-existing applications and organizations or use the platform’s cutting-edge developer tools tool to create new ones from scratch.

Luna is the native cryptocurrency of the Terra ecosystem. Terra users use Luna to pay for transactions on the Terra network as they interact with different applications on the ecosystem. Luna holders also earn rewards when they stake their coins, participate in the governance of the Terra blockchain and use Luna to purchase their favorite digital art.

Although Terra is a great blockchain that creates space for developers to create crypto apps, it is currently undergoing problems that have destabilized the value of the coin.

In May of 2022, the Terra ecosystem collapsed because of Luna’s connection to TerraUSD, the stablecoin of the Terra network.  The collapse which is the largest crypto crash so far wiped out $60billion from the crypto market.

Shortly after the crash, Do Kwon faced legal charges from the Korean government, which caused investors to lose trust in the blockchain.

Final Word

Although the Terra community is working hard to bring the blockchain back on its feet, it is obvious that Luna is currently unstable and, the situation is likely to continue for some time. Budblockz, on the other hand, has continued to show stellar growth from its private sale and is now in presale. It is expected that the coin will remain stable as it continues to serve the rapidly growing cannabis industry.

Learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/ 

Presale Registration:: https://app.budblockz.io/sign-up 

Telegram Group: https://t.me/BudBlockz 

Discord Server: https://discord.gg/s7hBFgvTmN 

All BudBlockz Links: https://linktr.ee/budblockz

Terra: The period of resurrection with LUNA’s surge

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Without a question, Terra was at the epicentre of the 2022 crypto market collapse. The project was one of the most prosperous before to the catastrophe, reaching a record high of $119.18 in April. But the soaring climb paved the ground for a legendary fall. The ensuing death spiral sent investors and users into a frenzy. Many people’s lives were completely destroyed, losing all they had saved up for. Since then, the team has created a new Terra Luna token (LUNA) and renamed the existing one Terra Luna Classic (LUNC).

After dramatic collapse earlier this year, the Terra blockchain’s cryptocurrency LUNA was regenerated. On Friday, the price of LUNA tripled, trading close to its all-time high achieved in early June when the token was issued.

According to data from cryptocurrency price tracker CoinGecko, the token’s price surged from less than $2 to roughly $7. At the time of publication, LUNA was trading at about $6, up more than 212% over the previous 24 hours on significantly greater trading activity.

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Source

The native coin of the second iteration of the Terra blockchain, which was revived following the token’s collapse in May, which resulted in the loss of $60 billion in value, is called LUNA. Investigations of fraud against Terraform Labs, the company that developed the blockchain, and its founder Do Kwon followed the implosion. The Luna Classic (LUNC) currency and its stablecoin USTC are hosted on the old blockchain, now known as its Classic version.

Terra’s LUNC surprising surge

Risky investments like cryptocurrencies seem to be broadly rising on Friday in a relief rally as several economic indicators point to a slowing global economy and traders consider the possibility that the Federal Reserve may scale back rate hikes earlier than anticipated or even cut interest rates next year.

Traders became enthusiastic about a new burn program that would reduce the token’s inflated supply, which has caused LUNC to rise as well. Since then, the surge has slightly stagnated, as the coin has dropped 17% in the last day.

Crypto market observers are perplexed by LUNA’s erratic price movement because there hasn’t been any network-specific news or development that would spark excitement among retail traders.

Data from the social asset analytics platform for digital assets LunarCrush indicates a recent surge in social media mentions and engagements is indicative of a retail speculative frenzy.

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The new blockchain for the currency has so far had trouble drawing investors into its ecosystem. According to DeFi data tracker DeFiLlama, the network’s total value locked (TVL), a key metric in decentralised finance (DeFi) that gauges how much value a protocol can amass from investors, stood at a pitiful $51 million at press time. In contrast, the “old” Terra Classic blockchain’s TVL reached more than $20 billion in May before its collapse.

Following the Fall of LUNA, Singapore Watchdog To Lay Down Stablecoin Regulation

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Following the fall of Terra, LUNA, and the entire Do Kwon ecosystem, countries are pushing regulations on crypto and stablecoins.

The main financial watchdog for a city-state, the Monetary Authority of Singapore (MAS), evaluates the benefits of a regulatory framework for stablecoins.

The KYC concerns that are the focus of current regulations do not take into account the unique dangers that stablecoins are subject to.

Regulatory head of Singapore illustrated the high risks that followed LUNA’s fall

On Monday, the MAS official homepage posted a written statement from Tharman Shanmugaratnam, the regulator’s chief, in response to a query from a Singaporean lawmaker.

The inquiry asked whether there was information on how exposed Singaporeans were to the recent decline in the value of the TerraUSD Classic (USTC) stablecoin and the Luna Classic (LUNC) token and if the MAS was actively thinking about ways to address future crises of this nature.

Shanmugaratnam recognized that the Terra collapse serves as an example of the severe dangers associated with investing in cryptocurrencies, but he emphasized that the unrest has not adversely impacted the economy or the mainline financial system.

The majority of the official response described MAS’s existing plans for stablecoins.

The current framework, in which stablecoins, along with other cryptocurrencies, are being deemed digital payment tokens (DPTs), doesn’t address the unique hazards, according to him, thus MAS is actively examining its approach to the regulation of stablecoins.

As a result, MAS “is evaluating the advantages of a regulatory system” particular to the features of stablecoins.

It will concentrate on issues including controlling reserve requirements and peg stability. As stated in the answer, MAS plans to consult the public in the following months regarding the guidelines.

The ties between LUNA’s TerraForm Labs, Three Arrows Capital (a cryptocurrency hedge fund currently facing bankruptcy procedures), and Singaporean crypto regulation were officially denied on July 19 by Ravi Menon, the managing director of MAS.

Menon also stressed the need for the regulatory attention to be shifted away from KYC/AML and onto the more complex threats presented by cryptocurrencies in his address.

Terra Community Makes a Proposal for the Distribution Method for 0.5% Emergency LUNA Allocation

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Cephii1, a Terra community member, proposes on behalf of the Terra community members. The suggestion is for a mechanism of distributing the 0.5 percent emergency LUNA allocation.

According to the user, the suggestion was made on behalf of community members, validators, TFL, and others. The initiative also aims to improve the Ecosystem’s Revival Plan 2.

The rising discussion over how to distribute the 0.5 percent emergency LUNA properly opened the way for the plan to grant a 10% LUNA supply to developers. However, the LUNA team did not specify how the emergency fund would be allocated.

The Terra community lays down the proposal

The user established the criteria for who is qualified to receive the emergency fund after gathering recommendations from community members:

  • Projects in LUNA Classic that achieved product-market fit and TVL.
  • Projects that began on LUNA Classic and achieved product-market fit but have yet to produce verifiable results TVL.
  • Projects in the pre-and post-launch phases that have not yet established product-market fit (pre-PMF)

The plan first focused on smaller initiatives, outlining the minimum amount needed for minor projects as well as the number of projects that should be funded.

According to the poll, the projects would cost $100-300k for six months of runway. In addition, the community chose over 50 projects that would be eligible for it.

The concept called for providing $100,000 to $300,000 in LUNA to eligible pre-PMF teams. The eligibility and allocations would be decided by a council of long-standing Terra community members, including Karma, Panterra0x, Cephii, Seb, and GJ.

In addition, the user proposed that the projects Coinhall, Terrascope, Setten, SCV, Terra One, Random Earth, Knowhere, Leap Wallet, and TFM receive an additional $500k-$1M in LUNA. This is due to the added value of infrastructure and tooling.

To sum up the emergency fund’s total of 5 million LUNA:

  • 2.5 million should be allocated among projects that debuted on Terra Classic and established product-market fit, as well as TVL (PMF and TVL).
  • One million LUNA should be awarded to ventures that debuted on Terra Classic and achieved product-market fit but no demonstrable TVL (PMF but any TVL).
  • 1.5 million LUNA should be spent on pre-and post-launch measures that failed to create product-market fit (pre-PMF).