As a long-term investor in cryptocurrencies with a particular interest in Terra Classic (LUNC), I have been closely following the recent developments regarding eToro’s decision to delist LUNC due to Terraform Labs (TFL) bankruptcy proceedings. This news came as a surprise to me, given that the Terra Classic community has managed the chain independently since TFL’s withdrawal of support.
The Terra Classic community is seeking answers from Chris Amani, CEO of Terraform Labs, and eToro regarding the delisting of LUNC on the latter platform. This action follows troubles faced by eToro users in executing LUNC trades due to recent Terraform Labs (TFL) bankruptcy proceedings. The community believes that Do Kwon and TFL ended their association with Terra Classic after the 2022 Terra-Luna Crisis, leading to a termination of support for the decentralized chain.
Terra Classic Community’s LUNC Delisting Concerns
eToro, a social investment network, has designated Terraform Labs’ tokens as “near-trading status,” affecting approximately 78,000 holders of LUNC who are currently unable to purchase this token through eToro. This decision comes in the wake of Terraform Labs’ recent Chapter 11 bankruptcy proceedings. The platform has halted trading for all tokens issued by TFL following reports that the distressed company also holds LUNC.
The community is worried about this situation as it may lead to LUNC being removed from other cryptocurrency exchanges as well. Clarification is required from Terra CEO Chris Amani and eToro regarding the reason behind the delisting of LUNC due to Terraform Labs’ Chapter 11 bankruptcy filing.
Community leaders such as VegasMorph and Mr. Diamondhandz have stated that the Terra Classic blockchain is governed by its community. Following TFL’s withdrawal of support, this decentralized chain now operates independently, as confirmed by Do Kwon and TFL. The community manages infrastructure, updates, maintenance, and other aspects through governance voting.
LUNC and USTC Price Action Amid Confusion
The decision by Toro to delist LUNC and the resulting community concerns have not affected the prices within the Terra Classic ecosystem. Terrafinancials (TFL) intends to restart the Shuttle Bridge for the conversion of wrapped assets on Terra Classic, and in doing so, will destroy 150 million LUNA tokens. However, it remains unclear if LUNC and USTC are among the tokens to be burned.
In the past 24 hours, the value of LUNC has risen by 2%, reaching a current price of $0.00008699. The low and high points of trading during this period were $0.00008276 and $0.0000884, respectively. However, there’s been a noticeable decrease in trading activity, with a 12% reduction in volume over the same time frame.
Simultaneously, USTC’s price surged by 5%, pushing it back above the $0.020 mark. The lowest and highest values in the previous 24 hours were recorded at $0.01874 and $0.02077, respectively. Notably, there was a significant increase of 66% in trading volume due to the initiation of TFL crypto compensation claims.
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2024-07-24 19:54