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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.
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News
Do Kwon, co-founder of Terraform Labs, is scheduled for trial in January 2026 in the US over fraud charges connected to the $40 billion Terra/LUNA collapse. Significant delays result from decrypting data obtained from Montenegro and translating documents from Korean. Kwon, extradited from Montenegro, faces multiple charges including securities and wire fraud.
Lead prosecutor Jared Lenow noted that accessing encrypted data from devices remains a primary challenge. The phones were transferred to US authorities when Kwon was extradited on December 31, 2024. Kwon pled not guilty to allegations, including money laundering conspiracy. The trial could mirror FTX’s case, though Kwon might face stricter judgment due to the larger impact.
The US District Court for the Southern District of New York issued a filing that signals US prosecutors’ intent to examine Do Kwon’s emails and Twitter account as part of a criminal investigation. This step is part of their discovery proceedings and they anticipate retrieving significant data relevant to their case.
Do Kwon’s legal troubles echo those of Sam Bankman-Fried, with multiple felony charges highlighting similar themes. US prosecutors filed another indictment against Kwon, charging him with money laundering conspiracy. These actions followed his extradition from Montenegro, reflecting international legal complexities in handling crypto-related fraud.
Do Kwon, co-founder of Terraform Labs, is in custody in the United States, facing charges tied to fraud involving Terraform’s platform. U.S. Prosecutors believe that the number of individuals affected globally by the collapse of this ecosystem may exceed one million. This estimation underlines the extensive impact of Terraform’s failure on a global scale.
Kwon, extradited from Montenegro, pleaded not guilty to nine charges. The U.S. Government intends to inform victims via a dedicated website. The Terra ecosystem’s collapse in 2022 played a key role in the downturn of the cryptocurrency market, marking a pivotal moment that led to several firms filing for bankruptcy. This also resonated through significant legal actions against involved executives.
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