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Nearly four years after Do Kwon's imprisonment, some community members remain committed to Terra Luna Classic and hope for an "epic revival."

According to BlockBeats, on June 6th, despite Terraform Labs founder Do Kwon being sentenced to 15 years in prison for causing the approximately $40 billion Terra crash, the original chain he abandoned, Terra Luna Classic (LUNC), has not disappeared. A group of community members are still maintaining the network, hoping to achieve one of the greatest revivals in crypto history. The report states that a core community member, using the pseudonym "Vegas," lost approximately $50,000 during the Terra crash and has since been involved in validator node operation, proposal governance, and developer coordination. He stated that despite facing long-term internal power struggles and fraud allegations, and even being maliciously reported to the police, he still believes LUNC has the potential to return to the top ten in the crypto industry. After the Terra crash in 2022, Terraform Labs launched the new chain Terra through a hard fork, while the original chain was preserved and renamed Terra Luna Classic. Subsequently, the community organization Terra Rebels took over the maintenance work and launched a series of proposals, including a 1.2% burn tax, hoping to revitalize the ecosystem. However, due to disputes over fund allocation and governance, Terra Rebels eventually disbanded, and many developers subsequently left. Despite this, the community continues to develop projects such as lending protocols, games, and Meme coins, and is attempting to restore the stablecoin peg mechanism. Data shows that LUNC has risen 17.3% in the past year, but has fallen 28.7% since 2022, still a 99.99% drop from its all-time high of $119. Some community members stated that the shared trauma of the crash has forged a bond similar to a "family," and price is no longer the sole objective. "What if we could pull off one of the greatest comebacks in crypto history? It would be like a desperate last pass," one community member said.
Disclaimer: The views above are the author's only and do not represent 711BTC. Nothing here constitutes investment advice.

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07-08 20:31

The Bank of Korea has released a regulatory proposal suggesting that personal stablecoin transactions exceeding $10,000 should be limited to transfers from verified wallets.

According to Mars Finance, the legal team of the Bank of Korea has published a research paper titled "Regulatory Scheme for Foreign Remittance Transactions Targeting Stablecoins," proposing regulatory recommendations for large-scale stablecoin transactions. The paper, referencing current South Korean foreign exchange control regulations, proposes constraints on stablecoin transfers exceeding $10,000 between individuals, requiring such transactions to be conducted only between officially certified wallets, along with a pre-reporting mechanism. The institution acknowledges that there are technical obstacles to fully controlling unregistered wallets, but due to anti-money laundering compliance requirements, it is necessary to strengthen restrictions on large-scale cross-border stablecoin fund flows. South Korean regulators have previously repeatedly stated the need to improve the monitoring system for cross-border crypto asset transactions using non-custodial wallets; this paper further refines and implements the regulatory approach.

07-08 20:22

Gate responded to online rumors of user asset theft: An urgent investigation is underway, and preliminary assessments indicate it is an isolated incident.

According to Foresight News , Gate responded to online reports of user assets being stolen, stating that the incident shows the customer made a withdrawal between 3:00 PM and 4:00 PM on July 7th, and reported the loss to online customer service at 5:00 PM on July 8th. Gate has initiated an investigation, and the incident is currently under urgent investigation. Preliminary assessments indicate it is an isolated case, there are no system security vulnerabilities, and the website is operating normally. Preliminary investigations suggest this incident may be related to a leak of user information; the specific details are under investigation. Gate will disclose further details as soon as the investigation concludes.

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Justin Sun has staked $430 million in Ethereum on Lido, yielding an annualized return of approximately $9.5 million.

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Morgan Stanley reiterated its "overweight" rating on RKLB and raised its bullish price target to $293.

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