LUNC price loses 5% as lawyers of Terraform Labs, Do Kwon set to deliver final remarks in civil fraud trial
- Terraform Labs and founder Do Kwon’s lawyers will make final arguments to a jury on Friday.
- The SEC seeks civil penalties and asked for a ban on Do Kwon and Terraform Labs from the US securities industry.
- Terra Classic LUNC price is down nearly 5%.
Terra Classic (LUNC) price is down on Friday as lawyers that represent Terraform Labs and founder Do Kwon work on final arguments for a civil lawsuit. The SEC alleges that the firm and founder Kwon misled investors about the stability of their stablecoin TerraUSD and brought fraud charges against the firm.
The final arguments will be made to the jury on April 5.
LUNC holders gear up for action in the lawsuit
LUNC is the token of the original Terra chain that was named Terra Classic after the collapse of the sister tokens LUNA and UST. Despite the collapse of the stablecoin, the Terra Classic token continues to maintain its own blockchain and community.
Lawyers of Terraform Labs and Do Kwon are defending against the Securities and Exchange Commission’s (SEC) allegations that the firm engaged in fraud and misled investors. The lawyers will make their final arguments to a jury.
The SEC is seeking civil penalties and requested a ban on both the founder and the firm from the US securities industry. Do Kwon is not expected to attend the trial as the Terraform Labs founder awaits extradition in Montenegro.
LUNC price is down 5% at around $0.0001330 as holders await the court proceedings in the trial. The asset posted nearly 17% losses in the past week.
Binance burnt over 4 billion LUNC tokens on April 1. The burn failed to catalyze gains in LUNC price.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
