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Information about Terra (LUNA)
Terra 2.0 is a newly launched blockchain network to rebuild the old Terra empire (now renamed Terra Classic with LUNC and USTC token pair). It should be noted that Terra 2.0 is a new blockchain that operates completely independently and cannot replace the Terra Classic network.
After the collapse of Terra Classic in mid-May 2022 causing irreparable hyperinflation, Do Kwon, co-founder and CEO of TerraForm Lab, the creator of the LUNA project, proposed "reviving the Terra ecosystem". This proposal was approved by the community and was immediately supported by major exchanges, despite objections from a large part of the LUNA community. Accordingly, the Terra 2.0 blockchain has been officially deployed, with the operation of the (new) LUNA token.
Terra 2.0 reissues a new LUNA with a total supply of 1 billion tokens, replacing the hyperinflationary LUNC and the deprecated USTC. The new LUNA will be allocated to the holders, staking and validators who own the old LUNA and the old UST before and after the UST de-peg.
Specifications:
News
Galaxy Digital will pay 200 million USD due to undisclosed financial interests in LUNA promotions. The New York Attorney General stated that this lack of clarity misled investors, which is a violation of state laws.
As part of the settlement, Galaxy Digital must pay 40 million USD within 15 days, followed by an additional 40 million USD within one year, 60 million USD within two years, and the final payment due within three years.
Senator Cynthia Lummis promotes the BITCOIN Act to create a national Bitcoin reserve, citing rising U.S. Debt levels and the need for action to secure financial leadership amidst warnings from Blackrock’s CEO about potential risks to the dollar.
Mike Belshe criticized Galaxy Digital after it settled for 200 million USD with the New York Attorney General, citing its mishandling of Terra LUNA. He stressed the need for transparency and ethical conduct in the crypto market.
Belshe’s comments also reflect broader regulatory shifts under different U.S. Administrations, contrasting the Biden and Trump approaches to crypto regulation. With Trump’s SEC chair nominee advocating for rational regulations, the crypto industry may see significant changes.
In a recent statement, Anthony Scaramucci criticized the NAYG lawsuit against Galaxy Digital, labeling it ‘lawfare.’ He pointed out issues with the New York Martin Act, which allows legal action without proving intent, resulting in potential misuse of the law.
The lawsuit alleges that Galaxy Digital helped inflate Terra (LUNA)’s price and profited significantly before its collapse. A settlement of 200 million USD was reached, prompting discussions on the implications of the Martin Act in financial governance.
Terraform Labs will officially launch its crypto loss claims portal on March 31, 2025, targeting individuals who lost a minimum of 100 USD during the collapse of the Terra ecosystem.
Investors must submit their claims by April 30, 2025, with necessary documentation. Claims below the 100 USD mark will be disregarded, and the use of preferred evidence is encouraged for quicker processing.
Terraform Labs anticipates total claims between 184.5 million USD and 442.2 million USD, although the total losses incurred are still under assessment after the significant collapse of 45 billion USD in May 2022.
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