Terra Classic, the culprit of the Luna crisis, soars 88% vs. previous day

Uk Jin

Summary

Reported that Terra Classic surged 88% compared to the previous day, concentrating investor attention.
Noted that despite the surge, the current price is 99.99% lower than the all-time high.
Stated that the ongoing criminal trial of Do Kwon, a central figure in the Terra incident, is likely to continue affecting investor sentiment.

Terra Classic (LUNC), the culprit of the 'Terra·Luna incident' that is remembered as a nightmare by virtual asset (cryptocurrency) users, is experiencing a sharp intraday surge.

As of 3:08 PM on the 6th (Korean time), Terra Classic (formerly Luna) was trading at 0.00006450 dollars, up 88.64% from the previous day according to CoinMarketCap. Although it recorded gains on the day, the price remains 99.99% lower than its all-time high of 100 dollars.

Analysts attribute the rise to speculative movements driving the price up. The previous day at Binance Blockchain Week (BBW) in Dubai, CoinDesk reporter Ian Allison appeared wearing a T-shirt bearing the Luna coin logo, which ignited the community.

Three years have passed since the Terra·Luna incident, but many traders still remember the event and are showing interest.

Meanwhile, Do Kwon, co-founder of Terraform Labs and a central figure in the Terra·Luna coin crash, is facing a criminal trial in the United States on fraud charges and is awaiting a sentencing hearing on December 11. U.S. prosecutors have sought a maximum sentence of 12 years in prison for Kwon. It is reported that he has submitted a large number of petitions seeking leniency and is trying to reduce his sentence.

Kwon acknowledged responsibility for the Terra project's failure but argued that he had no intention of deceiving investors.

LUNC