🌖 LUNC and USTC Price Performance

LUNC price jumped 6% in the last 24 hours, with the price currently trading at $0.0001148. The 24-hour low and high are $0.0001081 and $0.0001153, respectively.

Moreover, the Terra Luna Classic trading volume has increased by 33% in the past 24 hours, indicating a rise in interest among traders. Besides, a recent LUNC price analysis hints at a potential rally for the crypto to $0.000179.

Meanwhile, USTC price also climbed 5% to $0.02053. The price is now trading at $0.02053, with the trading volume also rising by 3% in the last 24 hours.

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#LUNC TO $0.1 🚀🌕

🌖 US Prosecutor Says Victims of the Terra LUNA Collapse Could Run into Millions

A recent court filing by US prosecutors claims the impact of Do Kwon’s Terra LUNA collapse may have extended to millions of investors.

Terra founder Do Kwon’s trial has not kicked off properly, and the US prosecutors are already releasing big statements. One of which is the latest assertion from Daniel Gitner, US Attorney, that the 2022 Terra collapse affected millions of users.

In a filing with a New York District Court on January 6, US prosecutors estimated the number of well-meaning investors exposed to the Terra fallout two years ago. Per the disclosure, the number of entities affected by the collapse exceeded hundreds of thousands and could run into millions.

🌖 Weighty Legal Proceedings on the Cards

Terraform Labs’ co-founder, Do Kwon, will be embroiled in a lengthy legal case following the latest disclosure. Kwon was allegedly involved in the capitulation of the project’s algorithmic stablecoin, TerraUSD.

The stablecoin depegged in 2022, sparking the notorious crash of the network’s native token, LUNA. As a result, the implosion wiped out over $40 billion from the cryptocurrency market and catalyzed a series of bankruptcy filings from major digital asset firms considerably exposed to the ecosystem.

Meanwhile, with the case still new, the prosecutors stated that converging victims of the fallout for a fair trial was unrealistic due to the large number. However, the government proposed creating a website to update affected entities on the legal process.

Furthermore, the prosecuting council will allow victims exposed to the $40 billion wipeout to participate in the legal process. Interested parties can come forward and testify against Do Kwon and Terraform with evidence.

🌖 Do Kwon Risks Lengthy Jail Time

The Terra Lab co-founder began his trial on January 2, when he pleaded not guilty to seven charges, including two commodities and securities fraud counts, respectively. The trial came after the US successfully extradited Kwon from Montenegro after months of tussle with South Korea.

If convicted, Do Kwon could face up to 50 years of imprisonment. That would be more than FTX’s Sam Bankman-Fried, who got 25 years for his involvement in the exchange’s implosion the same year.

Meanwhile, the South Korean national will face trial in the same jurisdiction that tried SBF, Binance’s Changpeng Zhao, and former Celsius CEO Alex Mashinsky. He will appear in court on Wednesday to continue the legal proceedings.

🌖 Terra Collapse May Have Impacted a Million Victims, Feds Allege in Do Kwon Case

The Terra ecosystem collapse in 2022 didn't make as many headlines as FTX, but the total number of victims could exceed 1 million, according to new court documents.

The documents filed this week allege that the number of victims of disgraced crypto mogul, Terraform Labs founder Do Kwon, is “difficult to precisely quantify.”

Kwon last week pleaded not guilty in a New York court to U.S. criminal charges including fraud over the collapse of the Terra crypto ecosystem. His crypto project went up in smoke in 2022, leaving a $40 billion black hole and many investors out of pocket.

“Given the number of potential victims in this case, the government respectfully submits that it is impracticable to give individualized notice to each potential victim,” a Monday court document read.

It added that the government believes that the number of victims “exceeds hundreds of thousands of individuals and entities, and potentially totals more than 1 million.”

Kwon founded the crypto ecosystem Terra, which had the flagship LUNA token and TerraUSD (UST) algorithmic stablecoin as its main products. Investors used it as a gateway into the world of decentralized finance, or DeFi, and LUNA quickly became one of the most valuable crypto coins on the market.

But the UST stablecoin couldn’t keep its stable peg to the U.S. dollar, and the entire ecosystem collapsed, wiping its market cap out very quickly.

Authorities now allege that Kwon conned investors into a sham project to enrich himself. Feds in both the U.S. and Korea have hit him with criminal charges. In the U.S., Kwon is facing nine criminal charges, including securities, wire, and commodities fraud, plus conspiracy to commit money laundering.

“Behind the scenes, core Terraform products did not work as Kwon advertised, and were manipulated to create the illusion of a functioning and decentralized financial system in order to lure investors,” the Monday document read.

Terra collapsed ahead of FTX’s own bankruptcy in 2022. FTX, once a huge crypto brand that allowed users to buy and sell digital coins and tokens, quickly collapsed due to criminal mismanagement.

Following a much-publicized criminal trial, co-founder Sam Bankman-Fried is now serving a 25-year sentence for his part in the collapse of his crypto company. His attorneys have appealed the judgment, claiming an unfair trial.

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Hodl strong, nobody in the right mind would give up now after all we have been thru together & together we are building, uniting> gaining momentum by the day💫Keep building, our day will come $LUNC

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