Terra ClassicUSD (USTC) price is up 13% in the last 24 hours. This happened at the same time that most cryptocurrencies were losing or rising very low. According to CoinMarketCap data, USTC’s trading volume in the last 24 hours has also increased by 482%.
At the time of reporting, USTC was trading at $0.043. Looking at the news in the press, there was no news or development that would trigger the increase.
Binance released its fourth batch of burn results on Monday. According to the updated data, $321,701.83 or 1,344,794,898.93 tokens have been moved to dead wallets.
Terra Classic community reduced the tax burning rate from 1.2% to 0.2% on Oct. In addition, the proposal that adds 10% of tax revenue for ecosystem contributors and infrastructure was also active. Thus, a new tax burning system began.
Koinfinans.com As we reported, crypto exchange Bitfinex also announced that LUNC will support 0.2% tax burning.
What Happened to Terra Founder Do Kwon?
According to South Korean prosecutors who tried to charge him for $60 billion in damages due to Terra’s collapse, the latest court verdict is Terra’s founder. Do KwonIt may support the defence.
A judge’s Kwon Terraform Labs His refusal to arrest a connected person strengthened these allegations. One of the reasons the judge put forward was that it was doubtful whether the defendant had violated the country’s Securities and Exchange Act, as the prosecution claimed. This is an important accusation that Kwon also faces and objects to.
As a result, disputes have also arisen over whether the now-defunct Terra USD and LUNA can be managed as securities under a law on financial instruments such as stocks and bonds.
South Korea, like the US and many other countries, has yet to legally adopt crypto to bolster its status.
The Seoul prosecutor’s office said it was making “the best effort” to investigate the case, adding that “having a legal argument does not mean that the investigation cannot continue”.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.