Amidst the crypto winter, few hikes are seen recently in the crypto economy. While many coins are failing to make any gains, LUNC and USTC have increased 57% and 253% respectively.
LUNC and USTC – Terra’s original native tokens are worth $.0000092 and $.035 respectively and have seen $427.9 million worth of trade in the past 24 hours. The majority of the crypto community considers LUNC and USTC to be dead tokens. As the original Terra blockchain is no longer used to power dApps, many don’t see a need for it to continue existing.
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Earlier, there were a lot of speculations about the sustainability of Terra Classic (earlier Terra Chain). But it started falling and speculations started bursting.
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Could the Terra Classic Rally Continue?
After the release of new tokens, many people who lost money with original Terra tokens are now advocating for LUNC to be burned.
The LUNC token has not made traction, as indicated by the small volumes of LUNC tokens sent to the burn address. Data from BitQuery, a crypto tracker and analytics firm, approximately 6.555 trillion LUNC that are in circulation, less than 0.1 percent were sent to that address in June.
Trading volumes were doubling every day, starting from $50 million on 26 June to $143 million yesterday and $430 million as of this morning while writing this article.
There are traders who may use their resources to manipulate the price of a token, so they can generate enough liquidity for an exit when the price is at its peak.
This might be an instance of a dead cat bounce which is when the price of the stock rises abnormally high and then suddenly crashes.
Anonymous, a group of international hackers released a video of their goals and findings. In order to stop illegal actions that have led to the collapse of Terra and millions of dollars worth of losses for crypto investors, they vowed to uncover Do Kwon’s activities.
The group claims that the Do Kwon company is not trustworthy, and this opinion is supported by evidence. The founder of this project, Kwon, denied these messages, who had been filmed mentioning cashing out on $80 million per month.
Anonymous group posted the video without any new information about Kwon but it did warn that the group would be looking into the entirety of Kwon’s history in the crypto space.
Investigations on Terra
The US and South Korean regulatory agencies are investigating the Terra project, but have not yet released any findings.
They are investigating the collapse of Terra’s ecosystem and any people related to this project should be held accountable.
It is important for the SEC to investigate the offering of unregistered securities in a company. US securities laws may have been broken, as a result of UST shares being offered to the public with no official registration.
The Financial and Securities Crime Joint Investigation Team in the Asian country is investigating the agreement between, Luna Foundation Guard (LFG), and Kwon. The team is determining if they should be held accountable for millions of dollars lost due to the Terra project’s collapse.
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A travel ban against former employees of Terraform Labs took place last week, in order to conduct an investigation.
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