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LUNC News:
Terra Luna Classic Community’s Recovery Efforts Hit Roadblocks
The Terra Luna Classic community’s efforts to recover from the recent downturn in the broader crypto market have been met with roadblocks, with traders reconsidering their market activity ahead of Donald Trump’s inauguration on January 20. Here are key developments making buzz in the Terra Luna Classic community.
Terra Luna Classic Forks Removal Software Upgrade
Blockchain developer Orbit Labs announced the completion of the first phase of the removal of the fork modules. The upgrade proposal will be put up for governance voting next week, with the mainnet upgrade planned for February.
According to the developer group, the upgrade will bring Terra Luna Classic into alignment with the mainstream Cosmos ecosystem, making security updates and maintenance easier. This includes the fix of multi-send handling for the "reverse charge" implementation.
Billions of LUNC and USTC Tokens Burn
The Terra Luna Classic community is planning major LUNC and USTC burn campaigns after Terraform Labs’ bankruptcy. With support from Binance, the community has burned nearly 400 billion LUNC tokens in total.
Currently, the community plans to burn 1.8 billion USTC in Luna Foundation Guard-linked wallets, burn all USTC in the Oracle rewards pool, and burn LUNC and USTC in wallets with no access. The plans were proposed by Lunanauts validator, hoping for potential re-pegs.
Building for Utility on Terra Classic Network
Recently, the network was successfully boosted with the "Upgrade to v3.3.0" to increase utility on the Terra Luna Classic, removing barriers for developers and dapps wanting to build on the chain.
The Terra Luna Classic ecosystem is growing with Terraport, LBUN, Selenium, Garuda DEX, and TerraCasino. Selenium Protocol was created in line with Mirror Protocol, the most important protocol of the Terra chain.
Terra Co-Founder Do Kwon’s Criminal Trial
Terraform Labs co-founder Do Kwon was finally extradited to US authorities, but he pleaded not guilty to a nine-count indictment charging him with securities fraud, wire fraud, commodities fraud, and money laundering conspiracy.
Do Kwon’s criminal trial will likely not begin until January 2026 as prosecutors work on unlocking encrypted devices and translating communications from Korean into English.
LUNC and USTC Prices to Recover
LUNC price is down 15% in a week amid the broader crypto market crash, with the price currently trading at $0.0001022. The 24-hour low and high are $0.0001012 and $0.0001046, respectively.
As per an analysis, LUNC price is following the altcoin market.
Conclusion
The Terra Luna Classic community is facing significant challenges in their recovery efforts, with the broader crypto market downturn and the ongoing legal issues surrounding Do Kwon. Despite this, the community remains committed to building a stronger and more sustainable ecosystem. As the market continues to evolve, it will be essential for the community to adapt and innovate to stay ahead of the curve.
FAQs
Q: What is the current status of the Terra Luna Classic community’s recovery efforts?
A: The community’s recovery efforts are facing roadblocks due to the broader crypto market downturn and ongoing legal issues surrounding Do Kwon.
Q: What is the plan for the Terra Luna Classic community’s future development?
A: The community is planning to focus on building for utility on the Terra Classic network, with projects such as Terraport, LBUN, and Selenium Protocol.
Q: What is the current status of Do Kwon’s criminal trial?
A: Do Kwon has pleaded not guilty to a nine-count indictment and his trial is expected to begin in January 2026.
Q: What is the current price of LUNC?
A: LUNC is currently trading at $0.0001022, down 15% in a week.
