Luna Classic (Former Terra)

Luna Classic (LUNC) is the native token of the original Terra blockchain, which was launched in 2018. Previously, there was an exchange relationship between LUNC and UST, an algorithmic "stablecoin" intended to have a constant value of $1. After UST depegged from $1 in May 2022, the price of LUNA and UST crashed. As a result, the Terra community voted to create a new blockchain. The original Terra blockchain and LUNA token were rebranded as Terra Classic and Luna Classic. The goal of Terraform Labs, the firm that developed the new and old Terra blockchains, is that the protocols and applications of the Terra Classic network will migrate to the new Terra 2 blockchain. As of June 2022, the future utility of the original Terra blockchain is uncertain.

Terra

Do Kwon's alleged schemes could have impacted more than 1 million victims worldwide, according to US prosecutors. US authorities extradited Kwon, the disgraced co-founder of the Terra (LUNA) ecosystem, late last month. Kwon faces fraud charges related to the multibillion-dollar downfall of Terra in 2022.

US Government Estimates Do Kwon's Victim Count Potentially Exceeding 1,000,000 People

New court documents reveal that authorities plan to search through disgraced Terra (LUNA) founder Do Kwon's personal emails, social media accounts, financial records, and more. According to a new court memo, investigators say they will sift through massive amounts of Kwon's personal data to gather evidence against him.

Investigators to Search Through Do Kwon's Personal Emails, Twitter Messages and Mobile Devices in Terra Case

Court documents allege that Do Kwon's crypto ecosystem Terra may have affected over a million victims when UST and LUNA collapsed in 2022.

Terra Collapse May Have Impacted a Million Victims, Feds Allege in Do Kwon Case

Kwon, recently extradited to the US from Montenegro, pleaded not guilty to his criminal charges in a New York court last week.

US prosecutors estimate over 1 million victims in Do Kwon's criminal case

Bitcoin

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

The Daily: BlackRock's Bitcoin ETF sees largest daily outflows since launch, Do Kwon pleads not guilty and more

Kwon's Terraform Labs developed the luna cryptocurrency and stablecoin terraUSD, which folded in 2022, losing an estimated $40 billion

Do Kwon Pleads Not Guilty to Fraud Following Extradition to US: Reuters

Do Kwon, co-founder of Terraform Labs, appeared in a U.S. court on Jan. 2, 2025, where he pleaded not guilty to charges stemming from the collapse of the Terra ecosystem.

Do Kwon Pleads Not Guilty to U.S. Charges for $40 Billion TerraUSD Collapse, Faces Multiple Fraud Counts

Terraform Labs co-founder Do Kwon pleaded not guilty in a New York court shortly after being extradited to the U.S. from Montenegro.

Terraform Labs co-founder Do Kwon pleads not guilty to criminal charges in Manhattan court following extradition: reports

Freshly extradited from Montenegro, Terraform Labs co-founder Do Kwon pleaded not guilty to U.S. criminal charges over Terra's collapse.

Do Kwon Pleads Not Guilty to US Charges Over Terra LUNA, UST Crash

The disgraced co-founder of the Terra (LUNA) ecosystem is set to appear in a US court today after recently being extradited from Montenegro.

Recently Extradited Terra (LUNA) Founder Do Kwon Set To Appear in U.S. Court Today: Report

Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was set to appear in U.S. court on Thursday to face criminal fraud charges after being extradited from Montenegro this week.

Former crypto executive Do Kwon due in US court on criminal fraud charges

Montenegrin authorities extradited crypto entrepreneur Do Kwon to the United States on Sunday to face fraud charges related to the $40 billion collapse of the Terra ecosystem in 2022.

Terraform Labs Founder Do Kwon Handed Over to US Authorities Days After Montenegro Approved Extradition: Report

Do Kwon, the South Korean founder of Terraform Labs, has been extradited to the United States. Authorities in the country accused Do Kwon of orchestrating a multi-billion dollar crypto fraud following the collapse of his company's Terrausd and Luna cryptocurrencies in 2022. The collapse caused billions of dollars in losses across the market.

Do Kwon Extradited to US to Face Crypto Fraud Charges

Montenegro extradited Terraform Labs co-founder Do Kwon to the U.S. on Tuesday, according to the Vijesti news outlet.

Montenegro extradites Terraform Labs co-founder Do Kwon to the US with help from Interpol

Montenegro on Tuesday extradited Terraform Labs co-founder Do Kwon to the United States, the interior ministry said.

Montenegro says it extradites Terraform Lab co-founder to US

Bitcoin holds above $96,000 while investors turn to AI and DeFi tokens for growth opportunities, and Bitget to burn 40% of total supply of BGB.

The Daily: IRS finalizes tax rule requiring ‘DeFi brokers' to collect user trading information, Do Kwon's US extradition and more

Disgraced Terra (LUNA) founder Do Kwon is reportedly going to be extradited to the US after losing an appeal in a Montenegrin high court.

Do Kwon Set To Be Extradited to the US After Losing Appeal in Montenegrin Constitutional Court: Report

Montenegro's Minister of Justice, Bojan Božović, said in a statement he approved the Terraform founder's extradition to the U.S. rather than South Korea.

Do Kwon's U.S. Extradition Gets Okay From Montenegro's Justice Minister

Montenegro's Minister of Justice, Bojan Božović on Friday authorized the extradition of Terraform Labs co-founder Do Kwon to the United States, concluding months of legal wrangling over competing extradition requests from the U.S. and South Korea. What Happened: The ruling follows a decision earlier this week by Montenegro's Constitutional Court, which denied Kwon's appeal against a September Supreme Court decision.

Terra Luna Co-Founder Do Kwon To Be Extradited To The US: Report

Montenegro has greenlit the extradition of Terraform Labs co-founder Do Kwon to the United States, possibly settling a tug-of-war between the U.S. and South Korea, according to Bloomberg. Do Kwon's U.S.

Report: Montenegro Agrees to Extradite Terraform Labs' Do Kwon to the US

This follows the Supreme Court ruling earlier this year to delegate the final decision making authority to the Justice Minister.

Montenegro justice minister signs Do Kwon's extradition to US

A Montenegrin court upheld the extradition of Do Kwon, founder of Terra Labs. The U.S. and South Korea both requested extradition, and a Montenegro minister will decide which country gets him. Montenegro Minister to Decide Do Kwon's Next Destination The Montenegrin Constitutional Court unanimously dismissed jailed Terra Labs founder Do Kwon's appeal against his extradition.

Do Kwon Extradition: Montenegro Court Upholds Ruling, US or South Korea Awaits

The court rejected Do Kwon's appeal of a Supreme Court ruling that gave the Justice Minister authority over his extradition.

Montenegro court dismisses Terra co-founder Do Kwon's extradition appeal

Director Harry Hyun said the movie will portray “the reality of young people who are addicted to stocks during the day and coin speculation at night.”

Disgraced Terra Founder Do Kwon Inspires Korean Indie Film ‘Crypto Man'

While the SEC touts its enforcement as a win for investors, the crypto industry is rejoicing over Chair Gary Gensler's imminent departure.

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