Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The new Terra LUNA, created after the network's implosion in May, is demonstrating the highest weekly losses among the top 100. LUNA is currently trading at $2.72, down 5.81% in the last 24 hours and 58.85% in the past week.
LUNA saw a 200% run-up in the past week, reaching a high of $7.20 on Sept. 10. However, as it stands, the token has erased most of these gains as it now trades below the $3 mark.
Terra Classic governance has passed prop 4661. The treasury parameter rates have already been updated. Once the new epoch starts (block 9,475,200), the effective tax rate will automatically be changed to 1.2%.
— Edward Kim (@edk208) September 15, 2022Bitcoin's 'Shooting Star' Pattern Raises Red Flag, Peter Brandt Backs ItBitcoin ETFs Record Largest Outflows of All TimeMt. Gox’s Coins on the Move as BTC Price Plunges to $66KHere's When XRP Downtrend Can End, Tron (TRX) Shows 36% Rally Everyone Is Missing, Solana (SOL) Price Drops by 11%, But Bullish Signal Is Here
LUNC, the token of the old Terra Chain, now renamed Terra Classic, was up 3.21% in the last hour while marginally down in the last 24 hours at $0.000274. The 1.2% tax burn plan to reduce LUNC token supply might soon go into effect.
Terra CEO Do Kwon faces greater pressure
Terra CEO Do Kwon, whose defunct cryptocurrency ecosystem precipitated a crash in digital assets, may have to return to South Korea after authorities sought to have his passport revoked.
According to the prosecutor's office, a request to revoke the passport has been sent to the country's foreign ministry. Kwon, who, according to the prosecution is in Singapore, would theoretically need to return to Seoul within 14 days of receiving the notification of revocation if the ministry grants the request.
The ministry stated that it is reviewing the application and had previously warned that Kwon May try to remain in Singapore without a passport.
Alex DovbnyaThe most recent actions follow an arrest warrant issued by a South Korean court for Kwon and five other people on allegations of breaking the capital-markets law, as reported by U.Today.
Kwon found himself at the epicenter of one of cryptocurrency's largest blowups after stablecoin TerraUSD (UST) depegged and brought down the Terra ecosystem. A $60 billion loss followed the crash of sister token LUNA (now Terra classic). The May fall rocked confidence in the digital asset market, which has not fully recovered from its losses.
Gamza Khanzadaev
Yuri Molchan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin