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Tag: May Terra collapse

Terra Classic Community Passes Proposal for Enhanced Governance and Decentralization
1Aug By Onche Michael ONo Comments
Terra Classic (LUNC)

Terra Classic Community Passes Proposal for Enhanced Governance and Decentralization

In a significant development for the Terra Classic (LUNC) community, a key proposal aimed at improving governance and decentralization within the Commonwealth forum has been successfully passed. The proposal, titled "Enhancing Governance and Decentralization in the Transition to Commonwealth," was submitted by Terra Classic validator Happy Catty Crypto and has garnered widespread support. The proposal addresses concerns related to the recent transition from Agora to Commonwealth, which had taken place without community voting and transparency. This lack of community involvement resulted in certain individuals assuming administrative roles without proper consensus. Read Also: Ripple's Chief Legal Officer Responds to SEC Lawsuit Confusion, Invites Legal Experts for Analysis Overwhelmi...
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Prominent Developer Alleges Market Manipulation in Terra Classic (LUNC) – Community in Turmoil
26Jul By Tolulope ZaccheausNo Comments
Terra Classic (LUNC)

Prominent Developer Alleges Market Manipulation in Terra Classic (LUNC) – Community in Turmoil

In a shocking turn of events, prominent Terra Classic (LUNC) community member and former Layer-1 Task Force developer, Tobias "Zaradar" Andersen, has made serious allegations regarding the LUNC market, stirring heated debates within the community. https://twitter.com/ZaradarBH/status/1683451745370796032 Zaradar's Bold Allegations against Terra classic (LUNC) Zaradar made bold claims that the LUNC market is being manipulated by a single actor, potentially with the assistance of major cryptocurrency exchanges, including KuCoin and Binance. He raised concerns that the market might be intentionally rigged and questioned whether the value of LUNC could eventually plummet to zero. While some members of the LUNC community challenged Zaradar's claims, the developer firmly stood his ground, em...
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Terra Blockchain Successfully Upgrades to v.2.4 Pushing for LUNA Adoption
19Jul By OLAJIDE SAMUELNo Comments
Blockchain

Terra Blockchain Successfully Upgrades to v.2.4 Pushing for LUNA Adoption

Earlier today, the Terra blockchain underwent a strategic upgrade at block height 5994365, signalling the network's transition to version 2.4. This upgrade aims to introduce several new features and improvements to the chain while also encouraging the widespread adoption of its native token, LUNA. To ensure the successful implementation of this consensus-breaking change, the Terra mainnet, also known as Phoenix-1, was taken offline at approximately 13:00 (UTC) on the same day, temporarily halting block production. Read Also: Bitrue Witnesses Surge in XRP Futures Holdings Following Ripple vs. SEC Ruling Terra Team to upgrade Terra Blockchain on July 17 This scheduled Terra network downtime was announced by the Terra team on July 17, allowing users and validators ample time to prepar...
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Terra Classic (LUNC) Community Member Raises Concerns Over Terraport Finance Saga
5Jul By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Terra Classic (LUNC) Community Member Raises Concerns Over Terraport Finance Saga

In the ongoing Terraport Finance saga, reXx, an active member of the Terra Classic (LUNC) community, has brought forth another shocking development that has left the community in disbelief. With the disappearance of an additional 590 million LUNC tokens from the stolen funds in the Terraport exploit, reXx expressed concerns about the team's ability to effectively address the issues at hand. Read Also: XRP Burn Rate Skyrockets, Crypto Analyst Predicts $100 per XRP https://twitter.com/CosmoSreXx/status/1676468967303532545 Taking to Twitter, reXx highlighted the recent loss of funds, which were withdrawn four days ago while they were on vacation. This raised questions about whether the Terraport team has taken appropriate action to rectify the situation. The LUNC community member als...
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Terraport Security Breach Unveils Significant Developments and Raises Questions About TerraCVita’s Monitoring Efforts
30Jun By CryptolifedigitalNo Comments
Terra Classic (LUNC)

Terraport Security Breach Unveils Significant Developments and Raises Questions About TerraCVita’s Monitoring Efforts

In the aftermath of the Terraport security breach that took place in April, new revelations have come to light, leaving investors and the cryptocurrency community concerned about the efficacy of TerraCVita's monitoring and recovery efforts. LUNC Community Doubts TerraCVita's Monitoring Efforts TerraCVita, the organization behind Terraport, has reportedly engaged law enforcement agencies to assist in recovering the stolen funds. However, recent developments have cast doubts on their ability to effectively track and secure assets. Read Also: Former Terra Classic Developer, Zaradar, Expresses Willingness to Assist L1JTF Despite Controversial Departure TerraCVita's efforts to recover the funds were dealt a significant blow when the exploiters successfully moved over 985 million Terra C...
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Former Terra Classic Developer, Zaradar, Expresses Willingness to Assist L1JTF Despite Controversial Departure
29Jun By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Former Terra Classic Developer, Zaradar, Expresses Willingness to Assist L1JTF Despite Controversial Departure

In a recent conversation within the Terra Classic (LUNC) community, Tobias "Zaradar" Andersen, the former L1 Team developer, surprised many by expressing his willingness to lend a helping hand to the L1JTF (L1JTF - Terra Classic's development team) if the need arises. Despite his controversial departure from the team in April, Zaradar revealed that he maintains regular communication with key figures on the team, offering support and sharing his expertise. Read Also: Addressing the Key Priorities for LunaClassic: Trust Or APY. What Do You Think Is the Issue? https://twitter.com/ZaradarBH/status/1674053961182072837 Former Terra Classic Developer, Zaradar To Aid L1JTF The disclosure came in response to Redline Drifter's suggestion on the appropriate approach for a TerraClassicUSD (UST...
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Addressing the Key Priorities for LunaClassic: Trust Or APY. What Do You think Is the Issue?
29Jun By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Addressing the Key Priorities for LunaClassic: Trust Or APY. What Do You think Is the Issue?

The LunaClassic community has identified two significant challenges that require immediate attention: the loss of trust from the outside world and the need to prioritize APY (Annual Percentage Yield). In this article, we will delve into these concerns and explore potential solutions that can help revitalize the project. Loss of Trust: The community's primary concern revolves around the loss of trust in LunaClassic from external parties. While community initiatives have been commendable, many believe that the impact would be amplified if there was a maximum supply in place. Currently, the absence of a capped supply undermines the long-term viability and sustainability of the project. Read Also: Coach Bruce Wrangler Says He Would Only Come Back To LUNC Network Provided He Gets 90% Comm...
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Terraswap Completes Migration of Contracts on TerraClassic and Implements Feature Updates
20Jun By OLAJIDE SAMUELNo Comments
Terra Classic (LUNC)

Terraswap Completes Migration of Contracts on TerraClassic and Implements Feature Updates

Terraswap, the decentralized exchange protocol on the Terra blockchain, has announced the successful completion of the migration process for its contracts on Terra Classic. In addition to the migration, Terraswap has implemented feature updates based on the findings of its recent audit report, further enhancing the platform's functionality and security. Significances In The Migration Of Terraswap The announcement was made through a tweet by Terraswap, highlighting the significant milestone achieved in the project's development. The completion of the contract migration on Terra Classic signifies Terraswap's commitment to supporting multiple chains within the Terra ecosystem, allowing users to access the decentralized exchange seamlessly across different Terra networks. Read Also: Binan...
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Proposal To Burns The Whole Terra Classic Community Pool Is Released, LUNC To $1
23Mar By CryptolifedigitalNo Comments
Blockchain

Proposal To Burns The Whole Terra Classic Community Pool Is Released, LUNC To $1

The proposal that will allow the incineration of the whole community’s Oracle Pool, which amounts to hundreds of billions of LUNC tokens was released although it has gotten the minimum deposit required for voting. Notably, the community pool is a place where the Terra Classic community gets funds to bankroll projects and development efforts to advance the network. Terra Classic is a blockchain platform that is designed to enable decentralized finance (DeFi) applications. The platform is based on the Tendermint consensus algorithm and is designed to be highly scalable, secure, and efficient. One of the key features of Terra Classic is its community pool, which is a reserve of Terra Classic tokens that can be used to fund development projects and other initiatives within the Terra C...
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Lawsuit Against Terraform Labs Increases As Plaintiff Albright Charges On Behalf May Terra Collapse’s Victims
27Aug By CryptolifedigitalNo Comments
Blockchain

Lawsuit Against Terraform Labs Increases As Plaintiff Albright Charges On Behalf May Terra Collapse’s Victims

The lawsuit against Terraform Labs has not declined but rather is on the increase daily. According to a report by the legal news outlet Law360, Terraform and two of its executives which include the Terraform Labs CEO, Do Kwon, were accused of violating the Racketeer Influence and Corrupt Organization Act. The charge against them was as a result of the UST inflation and promotion of false information in the recent Terra collapse, which claimed multi-million dollars, almost $80 million. Read Also: A Mysterious Wallet Initiates A Burn Of Over 309 Million In Two Days As stated by the Law360:“Defendants touted the stability of the coins and guaranteed 20% annual returns on coins deposited in Terraform Labs’ high-yield savings application on the Terra blockchain — the Anchor Protocol,”...
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