A global investor rights focused law firm has filed a class action lawsuit on behalf of Terra token holders. Accordingly, the lawsuit covers 16 altcoin projects, including Terra’s tokens LUNA and UST. The law firm wants LUNA and other assets to be considered a security in the lawsuit. Law firm Rosen, which filed the lawsuit, invited affected Terra (LUNA) victims to join the class action lawsuit. As it is known, Terra (LUNA) has become a big scandal in the market with its collapse in May 2022. LUNA, one of the best performing altcoins of 2021, has lost almost all of its value. This collapse was caused by the loss of stability of Terra’s stablecoin, UST, to the dollar.
Class action lawsuit targets these altcoin projects
Rosen Law, a global investor rights law firm, announced that a class action lawsuit has been filed on behalf of Terra token buyers. The lawsuit covers the Terra tokens UST, LUNA, KRT, ANC, WHALE, ASTRO, APOLLO, XDEFI, MINE, aUST, vUST and MIR. It also includes mirrored assets mBTC, METH, mVIXY, mTSLA. Finally, the lawsuit includes Terra’s liquidity pool tokens. In essence, the legal struggle; It is being made against companies like Terraform Labs, Jump Crypto, Jump Trading LLC. Company, tells token holders to come to court by August 19, 2022 at the latest.
According to the lawsuit, Terraform Labs and the defendants violated the provisions of the Securities Act. They also sold non-exempt securities without registering them with a regulatory agency. However, the lawsuit alleges that the defendants bought by artificially raising the prices of altcoins. He claims that they do this through a program. Making false rises in price is a crime under the provisions of stock market law in the US.
Terra founder’s home raided
South Korean authorities launched an investigation by raiding 15 organizations related to the recent Terra LUNA-UST collapse. Accordingly, the authorities raided the home of Terra co-founder Daniel Shin and his company, Chai Corp. In fact, Shin was the last to be raided by the Korean authorities. Authorities have also raided major cryptocurrency exchanges like Bithumb and Upbit before. So the co-founders’ homes and offices were only the latest target of Korean authorities.
LUNA 2.0 price ready to rise
cryptocoin.com As we reported, the Terra team released a new altcoin after the fiasco. Despite the old scandal, the coin has managed to see a steady rise since its launch. Finally, Analysts evaluated the LUNA 2.0 price trend. Accordingly, they predict a breakout in the altcoin. FXStreet analysts believe that after clearing bottoms in the ongoing trend, LUNA price is ready to recover. As such, the LUNA 2.0 has more reasons to explode than fall.
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