- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Cardano Price Forecast: ADA's recent breakout could trigger 15% rally
Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.
Ondo price poised to break ATH of $1.04
Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.
Shiba Inu price flashes buy signal, 25% rally likely Premium
Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.
New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud
New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.