After its predecessor’s success in regaining the billion-dollar market value and ranking among the top 10 cryptocurrencies, the new Terra LUNA’s hopes were shattered in August 2023 due to a hacking event. This setback happened soon after on August 17, when LUNA hit its lowest value ever.
After the original Terra coin crashed in May of the previous year, a reformation known as Terra (LUNA) appeared in mid-2022. The original plan for Terra was to facilitate the stablecoin TerraUSD (UST). The crypto market hasn’t yet recovered from the shockwaves caused by UST’s destabilisation in May 2022, though.
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Following the collapse, the new version of the blockchain took on the name LUNA, while the previous Terra blockchain was dubbed Terra Classic (LUNC). By August 23, there were issues with accessing the blockchain’s official website.
LUNA Price Outlook: Can Terra (LUNA) Target $1 Soon,LUNA Price Outlook: Can Terra (LUNA) Target $1 Soon
Terra Luna: A Brief Overview (LUNA 2.0)
Terra was founded in 2018 by Daniel Shin and Do Kwon, with the main goal being to hasten the adoption of cryptocurrencies and blockchain technology while prioritising price stability and user-friendliness.
Do Kwon has a broad expertise in the IT sector and currently holds the position of CEO of Terraform Labs, the company in charge of Terra. He started Anyfi, a decentralised wireless mesh networking firm, prior to joining Terraform Labs. Additionally, Kwon has worked as a software developer for well-known firms including Microsoft (MSFT) and Apple (AAPL).
LUNA 2.0: Facilities
Standard proof-of-stake (PoS) consensus is used by the Terra 2.0 cryptocurrency blockchain. There are 130 validators involved in the network consensus at any given moment, and each node’s voting power is based on the quantity of LUNA 2.0 staked on it. Gas taxes and a predetermined yearly inflation rate of 7% are used to produce rewards for LUNA 2.0.
Owners of LUNA 2.0 tokens participate in the consensus process by assigning their tokens to a preferred validator. As delegates, validators frequently stake their own tokens as well. The validation node in this system keeps a percentage of the prizes as a commission before giving the delegators the remaining rewards.
Do Kwon vs. SEC
The U.S. Securities and Exchange Commission (SEC) filed a request for summary judgement on November 2, 2023, marking a significant development in the continuing legal actions against Terra. The SEC claims to have indisputable proof of the alleged transgressions carried out by Terraform Labs’ former CEO, Do Kwon, as well as the business.
The SEC charges Terraform Labs and Kwon in its court filing with designing a fraudulent scheme that caused investors in the US to suffer significant financial harm and a startling $45 billion drop in market value.
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According to the defence attorney’s move, the SEC has not been able to prove that Kwon and the other defendants committed any crime throughout the course of a thorough two-year investigation that involved substantial discovery. Even after a thorough analysis, the defence claims that the SEC’s evidence is still unreliable and inadequate.
LUNA Price Outlook: Can Terra (LUNA) Target $1 Soon,LUNA Price Outlook: Can Terra (LUNA) Target $1 Soon,LUNA Price Outlook: Can Terra (LUNA) Target $1 Soon , LUNA coin Crypto news, LUNA coin News