Terra Classic Requests Clarification From TFL CEO and eToro Regarding LUNC Delisting
Terra Classic community is seeking clarification from Terraform Labs CEO Chris Amani and eToro regarding delisting LUN tokens on the eToro platform. The delisting issue arose due to difficulties faced by eToro users in trading LUN tokens following recent developments in Terraform Labs’ bankruptcy proceedings. The community asserts that Do Kwon and Terraform Labs had severed ties with Terra Classic after the 2022 Terra-Luna Crisis, leading to a lack of support for the decentralized chain.
Terra Community Stance about Delisting
Concerns have been raised within the community as eToro has placed tokens issued by Terraform Labs on close-only status, preventing around 78,000 LUN token holders from purchasing LUN on the platform. This action follows the recent chapter 11 bankruptcy case involving Terraform Labs. eToro ceased trading all tokens issued by Terraform Labs after the beleaguered company informed eToro of their ownership of LUN tokens.
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The community is apprehensive that this development may lead to the delisting of LUN tokens by other cryptocurrency exchanges. They are seeking clarification from Terra CEO Chris Amani and eToro regarding the reason behind the delisting of LUN tokens due to Terraform Labs’ chapter 11 bankruptcy.
Prominent members of the Terra Classic chain, such as Validators and community members like VegasMorph and Mr. Diamondhandz, have emphasized that the chain is community-managed. Following TFL’s severance of ties with the chain, as confirmed by Do Kwon and TFL, the community has been responsible for managing infrastructure, updates, maintenance, and other aspects through governance voting.
Price Action and Market Trends
Despite the delisting concerns and community uncertainties, the prices within the Terra Classic ecosystem have not been significantly impacted. Despite eToro’s delisting of LUN tokens, the price of LUN has risen by 2% in the past 24 hours and is currently trading at $0.00008699. The 24-hour low and high prices are $0.00008276 and $0.0000884 respectively, while the trading volume has decreased by 12% in the past 24 hours.
Final Thought
Additionally, the price of USTC has seen a 5% increase, with the price now standing above $0.020. The 24-hour low and high prices for USTC are $0.01874 and $0.02077 respectively. In contrast to LUN, the trading volume for USTC has surged by 66% over the last day due to the opening of Terraform Labs’ cryptocurrency loss claims.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
