Search Results for "terra"
Terra's Partnership with Washington Nationals Raises Eyebrows
Terra, the cryptocurrency ecosystem that collapsed in May 2022, made a prominent appearance at Nationals Park during the Washington Nationals' home opener on March 30. Despite Terra's collapse, a partnership between the company and the baseball team had been in effect since February 2022, with the Terra community committing $38.2 million over five years to secure the deal. Terra's founder, Do Kwon, is currently in police custody in Montenegro and is reportedly facing harsh conditions in the penal system.
Terra co-founder indicted for forging legal documents
The Prosecutor’s Office of the State of Podgorica has indicted former Terraform Labs co-founder Do Kwon for allegedly forging legal documents. Kwon was arrested in March after allegedly attempting to board a flight to Dubai with fake documents. Han Chang-jun, Terraform’s former CFO, is facing similar charges.
Luna Foundation Says Plans to Repay Terra Investors Thwarted by Litigation Woes
The plans to compensate affected Terra users is still far from reality.
Stablecoins Pose Risks to Financial Stability: Yellen
The instability of the UST stablecoin has pushed the United States Treasury Secretary, Janet Yellen, to advocate for introducing a tighter regulatory framework to govern the entire stablecoin offshoot of the crypto ecosystem.
Terraform Labs Seeks Citadel Securities' Trading Data amid SEC Lawsuit
Terraform Labs has filed a motion against Citadel Securities seeking critical trading data for its defense in a lawsuit by the SEC. The case revolves around market destabilization allegations during the May 2022 Depeg event of TerraUSD stablecoin. The motion urges disclosure of trading strategies between March and May 2022, amidst indications of Citadel Securities' alleged intentions to short UST. Terraform Labs stresses the documents' importance in countering the SEC's fraud allegations, proposing a transfer to another court for a decision if necessary.
Binance Accelerates LUNC Burn, Fuels Market Optimism with Over 49 Billion Tokens Burned
Binance's recent burning of 5.57 billion Terra Luna Classic tokens has significantly reduced LUNC supply, leading to a 7% increase in LUNC and USTC prices.
Terra Expands Stablecoin Reserve by Purchasing $100m worth of Avalanche Tokens
The Luna Foundation Guard (LFG), primarily focused on the Terra blockchain, expands its TerraUSD (UST) stablecoin reserve by purchasing $100 million worth of Avalanche tokens.
UK Finance Ministry Proposes Safety Net Measures against Stalling Stablecoins
The proposals presented by the British finance ministry are aimed to mitigate risks related to stablecoins amid the recent TerraUSD de-pegging fiasco.
Terraform Labs co-founder defends against SEC allegations
Do Kwon, co-founder of Terraform Labs, has defended himself against allegations of fraud from the US Securities and Exchange Commission (SEC). Kwon’s lawyers have requested the dismissal of the lawsuit, claiming that the SEC's allegations are unfounded and that US law prohibits regulators from asserting jurisdiction over the digital assets in question. The lawyers also argued that the SEC failed to prove Kwon’s involvement in the collapse of Terra’s stablecoin, UST.
Proposal to Burn 1.3bn UST Tokens Wins Approval from Terra Governance
According to CoinGecko, the total number of tokens to be burnt equals more than 1.3 billion UST or around 11% of the existing 11.2 billion UST supply.
Ex-Terra Developer Somani Raises $15M for Startup
Neel Somani launched his Solana-based cross-chain modular rollup startup, Eclipse, following the collapse of TerraUSD.
Terra Classic (LUNC) Community Approves Landmark Proposal to Burn 800 Million USTC
The Terra Classic community has voted in favor of a proposal to burn 800 million USTC through contract migration, marking a pivotal governance decision.