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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Terra Classic Surges By 17%; Korean Prosecutors Seek Arrest of Co-Founder

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Terra

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With the implosion of the LUNA coin, the Terra ecosystem was devastatingly hit within a few days in May 2022. The successor, Luna Classic (LUNC), currently once again surged in price.

LUNC briefly rose to $0.00019439, registering a 20% price increase. At press time, the LUNC price showed a correction. However, LUNC was still at $0.00018 and showed a price increase of 11% over the last 24 hours.

Terra LUNC USDT
LUNC price, 4-hour chart. Source: TradingView

The background for the sudden pump was the fact that Binance destroyed more than 6 billion LUNC in the sixth batch of the Terra Classic token burn on Thursday. Binance sent $1 million worth of LUNC tokens to a dead address, wiping out 12.77 million LUNC.

With the current token burn, Binance has now destroyed nearly 20 billion LUNC tokens.

🔥 Burn alert! 6,389,199,628 #LUNC ($1,038,309) burned to Luna Burn Wallet! https://t.co/Z6PZLanME4 #LunaBurn #BurnLuna

— LunaBurnTracker (@LunaBurnTracker) December 1, 2022

The leading crypto exchange introduced the Terra Classic (LUNC) burn mechanism for trading fees in September this year. It was a response to a LUNC community proposal.

All trading fees for LUNC spot and margin trading pairs are burned by Binance by sending them to the LUNC burn address. The specific amount of LUNC burned and the on-chain transaction ID are published each month.

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With the token burn, the LUNC community aims to make the token deflationary by destroying tokens and thus reducing the overall supply.

According to the supply/demand theory, an increase in value occurs when the supply decreases and the tokens become rarer. For the moment, this seems to work quite well as LUNC has seen green daily candles on most occasions when the burn took place.

Terra Co-Founder Facing Arrest In South Korea?

In other Terra ecosystem news, Terraform Labs Pte. Ltd. co-founder Shin Hyun-Seung, also known as Daniel Shin, and seven other Terra employees are facing a court hearing in South Korea today.

The hearing from South Korean prosecutors is for the issuance of an arrest warrant for the eight individuals. To that end, hearings began today for Shin and the other Terra employees.

According to the Korea Times, Shin is accused of making illicit profits of over 140 billion Korean won, the equivalent of about $107 million, from the cryptocurrency LUNA.

He is accused of promoting the Terra stablecoin as a payment method despite multiple warnings from regulators and misusing the private data of Chai Corporation users to promote Terra Luna.

South Korean prosecutors accuse Shin and his partners of violating the Capital Markets Act and the Electronic Financial Transactions Act, as well as dereliction of duty.

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Shin denies the charges, claiming that he sold over 70% of his LUNA holdings before the price spike. Also, he’s claiming that he still held a significant amount of LUNA during the May collapse.

A decision is expected either in the late Friday evening hours in South Korea or on Saturday.

Remarkably, Terra CEO, Kwon Do-hyung, better known as Do Kwon, is still on the run. South Korean authorities issued an arrest warrant for Do Kwon in September.

In October, his passport was declared invalid by South Korean authorities. Rumors have it that Do Kwon was in Singapore, Dubai and Europe in the meantime.

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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