LUNC (Luna Classic) is still remembered by many, especially the victims affected by the collapse of TerraUSD (UST) and Luna in May 2022. Do Kwon, the founder of Terra, has faced many lawsuits and criticism for his role in the collapse of the Terra ecosystem.
*Impact of the Terra Tragedy:*
- The collapse of TerraUSD (UST) and Luna caused losses of around $40 billion
- More than 200,000 South Korean investors were affected
- Do Kwon faces charges of fraud and market manipulation
*Current Status of LUNC:*
- LUNC is still traded, but at a very low price
- The LUNC community is still active and trying to increase the value of the token
- Several proposals have been submitted to improve the LUNC ecosystem, such as a proposal to increase the burn tax rate
*Influence of Do Kwon:*
- Do Kwon has been arrested and faces fraud charges in the United States
- He has pleaded guilty to two counts of fraud
- Legal proceedings are still ongoing, and Do Kwon could face a maximum sentence of 40 years in prison.¹
