The drop in the value of Bitcoin below the threshold of 70 thousand dollars caused fluctuations in the cryptocurrency market. It experienced a sharp 32% drop among those affected and is currently trading at just $0.00013. Terra Classic (LUNC) is also located.
This decline, triggered by resistance at a tough sell point, points to potential future upheavals not only for LUNC but for the broader crypto sector as well.
Legal Challenges Coming for Terra Classic
The Terra Luna Classic ecosystem finds itself on uncertain ground as Terraform Labs prepares for a significant legal confrontation with the U.S. Securities and Exchange Commission (SEC). This hearing, which will be held on March 25, is of particular importance considering that Do Kwon, the founder of Terraform Labs, is dealing with extradition proceedings in Montenegro.
With Kwon likely absent from the hearings, it will be up to his legal team to redefine regulatory perceptions of Terra Luna Classic and its affiliated ventures.
The Terra ecosystem stands at a critical juncture with two major developments on the horizon. The imminent court battle involving Terraform Labs and the SEC takes center stage, spotlighting Do Kwon, whose legal impasse in Montenegro may prevent him from joining the court.
The situation is further complicated by the expectation that Kwon will be extradited to South Korea shortly after March 23. At the same time, the Terra Classic network is preparing for an upgrade designed to integrate IBC-Hooks, a unanimously agreed move to strengthen decentralized application (dApp) integration.
Upgrade Amid Legal Scrutiny
Anticipation is building as Terra prepares for its chain upgrade on the same day as the SEC hearing. This technological advancement focused on implementing IBC-Hooks marks a significant step for Terra amid its ongoing legal battles. It aims to enrich the ecosystem, marking the beginning of a potentially revitalized phase for the Terra Luna Classic.
As Koinfinans.com reported, despite the formidable challenges they face, the Terra community and developers remain determined to rejuvenate and move the project forward.
