• Terraform Labs has taken the initiative and is working on the Pull Request (PR) required for simple integration.

• The LUNCBurnArmy has further confirmed that the merging process is currently in progress.

The long-awaited LUNC/USTC swaps may soon be available on TerraSwap, which would be great for the Terra Classic (LUNC) community. Terraform Labs has taken the initiative and is working on the Pull Request (PR) required for simple integration.

The Terra Classic community has been pushing to implement LUNC/USTC swaps for quite some time. The initial suggestion for the token trading pair was made on June 17th, and then a Pull Request was submitted to present the idea formally. According to a recent announcement on the official Twitter account of LUNCBurnArmy, Terraform Labs has officially accepted the Pull Request. They have expressed their commitment to merging the PR, enabling the swapping of LUNC/USTC on Station. 

https://twitter.com/luncburnarmy/status/1676621338641825793?s=20

The LUNCBurnArmy has also confirmed that they are progressing with the merging process and strongly believe that it will be completed today. They have assured the community that they will promptly deliver updates once the merger is finalized. Throughout the past year, various endeavors have been undertaken to revitalize the value of LUNC. A further excellent strategy to meet the many needs of the community as a whole is to introduce a trading pair for both the currency and the related stablecoin.

Terra’s Co-founder Executes Major Bitcoin Transfer from Binance Wallet

In a noteworthy update that has garnered attention from regulators and the cryptocurrency community, a significant withdrawal of Bitcoin tied to the Luna Foundation Guard (LFG) has been executed by Do Kwon, co-founder of Terra, and his colleagues. On Monday, they transferred approximately $163 million worth of Bitcoin, which is equivalent to 5,292 Bitcoins, from a Binance wallet owned by the Luna Foundation to an undisclosed wallet.

Substantial development has emerged amid ongoing court proceedings and investigations surrounding Terraform Labs (TFL) and Do Kwon. Following the Terra-LUNA incident, Do Kwon and TFL secretly transferred 10,000 BTC to a cold wallet, according to information from the US Securities and Exchange Commission (SEC). 

Alongside the Bitcoin transfer, Do Kwon, the co-founder of Terra, and TFL have engaged in notable cryptocurrency withdrawals amidst the Montenegro court proceedings. They executed a transfer of 1.8 million Convex Finance (CVX) tokens, totaling nearly $8.7 million.

Furthermore, allegations suggest that Do Kwon, or a related party, transferred stablecoins worth $400,000 and Terra Classic (LUNC) tokens valued at $150,000 from wallets under his management to a separate wallet. Prosecutors in South Korea have asserted that since his arrest, Do Kwon has transferred cryptocurrency assets totalling $29 million. The effects of these decisions on Terra’s fate and the people involved are still unclear as new information comes to light.

Market Insights: Examining LUNC’s Performance Amidst Significant Losses

Despite being a favored digital currency among numerous crypto investors, LUNC has struggled to recover its losses after witnessing a staggering decline of over 99.9% from its peak value of $119. 

Over the past 30 days, there have been 14 positive gains, representing 47% of the total. On the other hand, the 14-Day Relative Strength Index (RSI) currently stands at 40.06, indicating a neutral stance for the cryptocurrency and suggesting a potential sideways trading pattern. As of the time of writing, LUNC is trading at $0.00008365, registering a decrease of 3.14% in the past 24 hours.