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Terra

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Due to limited liquidity, LUNA sell orders will not be accepted from 10:51 PM - 11:11 PM CT. Please submit your orders outside of this window.

On Thurs. May 25, Terraform Labs announced that the Terra community had approved the creation of a new blockchain, Luna 2.0. The creation of this new chain is a response to unprecedented volatility on the Luna 1.0 chain, which caused the price of the original LUNA and UST to collapse almost to zero. 

As part of the migration, the former asset LUNA will become Luna Classic, or LUNC. A portion of LUNA holders will be eligible to receive an airdrop of the new token (LUNA), per the terms outlined by Terraform Labs.

The new Terra blockchain will utilize the new LUNA, and will not include the UST stablecoin. 

On 9 May, after nearly 18 months of steadily holding its value against the US dollar, the so-called stablecoin TerraUSD (UST) became unpegged. The uncoupling triggered a cascade response that ultimately crashed UST and the Terra (LUNA).

TerraUSD (UST) is a stablecoin, which means it is a cryptocurrency pegged to a fiat currency. In this case, it is designed to be pegged to the US dollar. Stablecoins are intended to allow investors to hold crypto assets with less volatility, and trade a dollar equivalent without needing to cash out their positions. 

UST is considered an algorithmic stablecoin because instead of being backed by assets such as cash or cash equivalents, it is supported by on-chain code that facilitates a change in the supply and demand between UST and LUNA.

LUNA is the cryptocurrency that works in unison with UST in an effort to keep UST in 1:1 parity with the US dollar. One dollar of LUNA can always be converted at a 1:1 ratio to 1 UST. 

For example, if LUNA is trading at $10, then it can be redeemed for 10 UST, and 10 UST can be redeemed for 1 LUNA. If UST rises above its $1 peg to $1.01, then traders can swap 1 USD of LUNA for 1 UST. This trade burns 1 LUNA and mints 1 UST, which can then be sold for 1.01 USD. 

If UST rises to $1.02, then traders can sell for a 2 cent profit, and so on. 


In theory, increasing the supply of UST and lowering the supply of LUNA brings the price of UST back down until it reaches $1. Conversely, if UST drops below the $1 peg, then traders will be incentivized to buy 1 UST for 0.99 USD, which can then be swapped for 1 LUNA. 

This move burns UST and mints LUNA, sending UST higher towards the $1 peg.

UST lost its peg to the dollar starting on May 8th following large withdrawals of UST from Terra’s DeFi protocol Anchor. UST fell quickly, and struggled to regain its peg because the burning of UST and minting of LUNA couldn’t keep up. 

UST descended rapidly as the prolonged de-pegging led to uncertainty and a snowball effect of larger withdrawals. 


A significant share of circulating UST was locked on Anchor, a Terra-based lending and borrowing protocol that paid users 19.5% to stake UST. 

The LFG used up about $2.9 billion of its bitcoin reserves in an unsuccessful attempt to revive UST. 

WSJ 
Decrypt 
Bloomberg

*This content is for educational purposes and is not investment advice.

Global hacktivist collective Anonymous is promising to hold Terra (LUNA) co-founder Do Kwon accountable for the collapse of Terra's stablecoin ecosystem. In a new video, Anonymous says it will bring Kwon to justice at the earliest opportunity. “Do Kwon, if you are listening, sadly, there is nothing that can be done to reverse the damage […] The post Hacker Group Anonymous Vows To Hold Terra (LUNA) Founder Do Kwon Accountable for UST Collapse appeared first on The Daily Hodl.

Hacker Group Anonymous Vows To Hold Terra (LUNA) Founder Do Kwon Accountable for UST Collapse

A securities lawyer discusses the duty of care crypto lenders may have for customer deposits and whether UST's founders misled the public.

The Case for Suing Celsius, Terraform Labs

During a recent interview with the Wall Street Journal (WSJ), Terraform Labs (TFL) founder Do Kwon said he was “devastated” by the LUNA and UST implosion that took place in mid-May. He told the WSJ that he was probably a billionaire when LUNA tapped an all-time high before the collapse, but lost a great portion […]

Do Kwon Interview Explains He's ‘Devastated' by LUNA Collapse, Says ‘There's a Difference Between Failing and Fraud'

Cardano

Cardano (ADA) creator Charles Hoskinson says the collapse of the Terra (LUNA) ecosystem is partly to blame for the postponement of the Vasil upgrade. Hoskinson says the update is ready but Cardano's development team was directed to exercise more diligence before shipping updates or products following the collapse of stablecoin blockchain Terra. “We're code-complete and […] The post Cardano Creator Charles Hoskinson Says Terra (LUNA) Collapse Contributed To Delay in Major ADA Upgrade appeared first on The Daily Hodl.

Cardano Creator Charles Hoskinson Says Terra (LUNA) Collapse Contributed To Delay in Major ADA Upgrade

Terraform Labs co-founder Do Kwon insists he has always believed in the resilience of the Terra ecosystem.

Terra's Do Kwon: 'There Is a Difference Between Failing and Running a Fraud'

Terraform Labs CEO Do Kwon expressed confidence in the latest efforts to rebuild the Terra blockchain following the collapse of its predecessor. The post Do Kwon has ‘great confidence' in rebuilding Terra blockchain: WSJ appeared first on The Block.

Do Kwon has ‘great confidence' in rebuilding Terra blockchain: WSJ

Quick Take Last month, the steep drop in value of the TerraUSD stablecoin and a related Terra-based asset called luna led many people to sustain considerable losses.  Does the US tax code offer any recourse?

The Terra collapse is creating new crypto tax questions for the IRS

Several employees of South Korea-based Terraform labs, the company behind the stablecoin TerraUSD, which collapsed last month and roiled cryptocurrency markets, cannot leave the country, prosecutors said.

South Korea puts crypto company Terraform Labs' staff on no-fly list

Prosecutors in Korea have blocked Terra developers from leaving the country as investigations into the failed crypto project continue. The post Korea bars Terra developers from leaving the country: JTBC News appeared first on The Block.

Korea bars Terra developers from leaving the country: JTBC News

A lawsuit has been filed in U.S. District Court, Northern District of California, by Scott+Scott Attorneys at Law, against Terra (CRYPTO: LUNA) founder Do Kwon and his developer company Terraform Labs. In the lawsuit, it is stated that Kwon's project team  misrepresented Terra's stability to win the trust of crypto investors.

Terra Developer Do Kwon Hit With Another Class-Action Lawsuit

Digital assets are the future, Bermuda Premier David Burt said during the Consensus 2022 conference. He's not worried about his country being shut out by jurisdictions like the EU.

Luna Only Makes Bermuda Love Stablecoins More

Kicking the tires on crypto projects and holding people accountable for flaws within them is how the industry will improve and grow.

FUD or Facts? Terra, Celsius Show Value of Asking Questions

The popular decentralized stablecoin lost its dollar peg and fell to pennies in May. A South Korean blockchain analysis firm suggests the death spiral was sparked by transactions from a wallet linked to the lead Terra developer – though any motivation or rationale remains a mystery.

Wallet That Helped Trigger UST Implosion Linked by Analysis Firm to Terra Developer

Bitcoin

The CEO of the world's largest crypto exchange platform says bear markets are a normal part of market cycles and offers his thoughts on the aftereffects of Terra (LUNA) and Celsius (CEL) collapsing. In a new interview with Bloomberg Markets and Finance, Binance co-founder and chief executive Changpeng Zhao says digital assets are displaying normal […] The post Binance CEO Comments on Terra and Celsius Fallout, Says Bitcoin and Crypto Crash Is Part of Normal Market Cycle appeared first on The Daily Hodl.

Binance CEO Comments on Terra and Celsius Fallout, Says Bitcoin and Crypto Crash Is Part of Normal Market Cycle

The embattled chief executive of Terraform Labs is adamantly denying whispers that he cashed out billions of dollars worth of Terra (LUNA) and TerraUSD (UST). Rumors are circling on Twitter that Terra founder Do Kown used a borrowing protocol called “Abracadabra's Degenbox” to cash out of LUNA and UST and into the stablecoins Tether (USDT) […] The post Do Kwon Addresses Rumors That He Cashed Out $2,700,000,000 From Terra Ecosystem Before UST Collapse appeared first on The Daily Hodl.

Do Kwon Addresses Rumors That He Cashed Out $2,700,000,000 From Terra Ecosystem Before UST Collapse

Five South Korean cryptocurrency exchanges said they intend to create a consultative organization which will help prevent a repeat of a Terra LUNA-style token collapse. The organization is expected to achieve its objectives by applying standards that are endorsed by the crypto exchanges. Screening Guidelines Five of South Korea's leading domestic cryptocurrency exchanges have said […]

Report: South Korean Crypto Exchanges to Create Body to Preempt Another Terra LUNA Type of Collapse

Plaintiffs allege the exchange was unlawfully selling unregistered securities and inaccurately described them as "safe" and "fiat backed."

Binance US Sued Over Promoting, Selling UST and LUNA

A class-action lawsuit against Binance US has been filed in California that alleges the exchange misled investors and sold unregistered securities to roughly 2,000 plaintiffs. The case was filed by the law firm Roche Freedman LLP, a company known for high-profile crypto lawsuits during the last few years. The lawsuit accuses Binance US of marketing […]

Lawsuit Accuses Binance US of Selling Unregistered Securities, False Advertising Terra UST as ‘Safe'

The Block contacted Binance.US, the American affiliate of global crypto exchange Binance, for comment but had not heard back before press time.  The post Class action filed against Binance.US for sale of luna and USD Coin on platform appeared first on The Block.

Class action filed against Binance.US for sale of luna and USD Coin on platform

A class action lawsuit against Binance.US has been filed on behalf of investors in connection to the collapse of Terra USD (UST).

Binance.US Accused of Misleading Investors in Class Action Lawsuit Over Terra

After damning allegations resurfaced, the embattled entrepreneur wrote on Twitter: "I lost most of what I had in the crash too."

'Categorically False': Do Kwon Denies Cashing $2.7 BILLION Out of Terra Before Collapse

Terra's new LUNA 2.0 token has lost 54% in value in the last two weeks, after reaching $11.33 per unit on May 30. Meanwhile, the whistleblower Fatman has accused Terra's co-founder Do Kwon of cashing out $2.7 billion a few months before the UST de-pegging incident. Kwon, however, has been keeping tabs on Fatman's accusations […]

Do Kwon Accused of Cashing out $2.7B Before UST Collapse, Terra Founder Says Allegations Are False

Terra (CRYPTO: LUNA) founder Do Kwon has now come on Twitter to refute allegations against him about cashing out funds from the company.  On Thursday, TerraForm Labs (TFL) employees said that $80 million of company funds were sent to “secret wallets” every month before the LUNA collapse.

Terra's Do Kwon Denies Cashing Out $2.7B, Michaël Van De Poppe Says He Deserves Jail

Ethereum

Terra's collapse boosted activity on Ethereum and BNB Chain. But Tron is also getting a boost from its algorithmic stablecoin that resembles.

Where Is Terra's Market Share Going? Ethereum, BNB Chain, and Tron

Terraform Labs CEO Do Kwon will be required to cooperate with an inquiry issued by the U.S. Securities and Exchange Commission (SEC). In a new ruling, a court in New York City has denied an appeal Kwon filed against the SEC regarding Terraform's Mirror Protocol (MIR). Last October, the SEC subpoenaed Do Kwon while he […] The post US Court Orders Embattled Terra (LUNA) Founder Do Kwon To Comply With SEC Subpoena appeared first on The Daily Hodl.

News for Terra Crypto (LUNA)