• 18 June, 2024
News

Terra Luna Classic Upgrade Triggers Surge in LUNC and USTC Prices

In a significant development for the Terra Luna Classic community, a core security upgrade package has been announced by L1TF, the core developer team. This move, aimed at enhancing the security and stability of Terra Luna Classic’s blockchain, has had an immediate and notable impact on the market. Prices of LUNC (Terra Luna Classic) and USTC (TerraUSD Classic) surged by 5% and 12% respectively following the announcement, indicating a positive response from traders and investors alike. However, during this press, LUNC and USTC were trading at $0.0001241, and $0.02944 respectively.

The upgrade, spearheaded by developer Vinh Nguyen, addresses critical security risks and is a response to the community’s concerns regarding legacy components in the Terra Luna Classic system. As he stated on X, the enhancement of core components is expected not only to bolster security but also to lay the groundwork for future infrastructure developments, including support from Terraform Labs (TFL).

The team, including Vinh Nguyen, Inon Man, and voluntary contributor Frag, anticipates an 11-week timeframe to complete this upgrade. With a budget of $51,000, held in a multisig account by team members and an oversight committee, the upgrade will encompass key Terra Classic components such as the Wasm module, Cosmos SDK, and Mainnet.

Meanwhile, the legal saga involving Do Kwon, co-founder of Terraform Labs, continues to unfold. The U.S. Securities and Exchange Commission (SEC), which has been pursuing Terraform Labs for alleged securities law violations, has agreed to a delay in Kwon’s trial. The trial, initially scheduled for January 29, is part of the SEC’s effort to hold Terraform Labs accountable for the dramatic collapse of TerraUSD, which resulted in substantial industry losses.

While consenting to the trial’s postponement, the SEC opposed separating the trials for Terraform Labs and Kwon, citing potential complications for witnesses and whistleblowers. The final decision on the new trial date rests with U.S. District Judge Jed Rakoff.

This latest development is part of a broader legal battle initiated by the SEC in February 2023, accusing Terraform Labs and Kwon of a multi-billion dollar crypto asset securities fraud. The SEC alleges that Kwon misled investors about the stability and credibility of UST, contributing to significant financial losses.

The market’s positive reaction to Terra Luna Classic’s security upgrade underscores the cryptocurrency community’s sensitivity to security and stability improvements. As the legal proceedings against Terraform Labs continue, the cryptocurrency market remains vigilant, with investors and traders closely monitoring these developments for their potential impact on market dynamics and investor confidence.

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