• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: Terraform Labs’ Bankruptcy Hearing Sparks LUNA and LUNC Price Rally
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Crypto News > Terraform Labs’ Bankruptcy Hearing Sparks LUNA and LUNC Price Rally
Crypto News

Terraform Labs’ Bankruptcy Hearing Sparks LUNA and LUNC Price Rally

vitalclick
Last updated: August 21, 2024 2:10 pm
5 months ago
Share
SHARE

Contents
Terraform Labs Sets September 19 for Bankruptcy HearingTerra Plans to Reopen Shuttle Bridge and Burn TokensLUNA and LUNC Price AnalysisOther Developments

LUNA and LUNC prices briefly moved upward following a crucial announcement from Terraform Labs. LUNA is trading at $0.3289, reflecting a 0.50% increase, while LUNC climbed 2% to $0.000082. The surge in trading volume suggests growing interest among traders as the company prepares for significant developments.

But what’s causing the surge today? Read on.

Terraform Labs Sets September 19 for Bankruptcy Hearing

Terraform Labs (TFL), the company behind the Terra ecosystem, revealed that the Chapter 11 bankruptcy hearing for Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled for September 19 at 10:00 AM ET. This hearing marks a pivotal step in the company’s reorganization plan, which has been in progress since the Chapter 11 filing in January. The firm previously reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) in June.

Terra Plans to Reopen Shuttle Bridge and Burn Tokens

As part of the reorganization plan, Terra will reopen the Shuttle Bridge, allowing users to redeem wrapped assets on Terra Classic. Tokens in TFL and Luna Foundation Guard (LFG) wallets will be burned after the redemption period, which lasts 30 days. Any unclaimed crypto assets will be permanently removed from circulation. This move is expected to impact LUNA and LUNC prices positively, as the reduction in circulating supply could boost market sentiment.

LUNA and LUNC Price Analysis

Following the announcement, LUNA’s price jumped 2% momentarily, with trading volumes increasing by 17%, indicating renewed interest among traders. Similarly, LUNC saw a 2% rise, and trading volumes spiked by 38%, suggesting that investors are reshuffling their positions amid a broader crypto market selloff. The reopening of the Shuttle Bridge and the token burn could provide further support for these price increases in the near term.

Other Developments

In parallel news, Gemini has announced the delisting of Terra Luna Classic (LUNC). Starting September 20, users will no longer be able to trade LUNC on the platform. Gemini advises users to withdraw their LUNC to external wallets. The exchange stated that the decision came after a reassessment of the assets listed on their platform, sparking debate in the crypto community over whether the delisting referred to LUNC or wLUNA, as the exchange used both terms interchangeably without clarification.

Also Check Out: Binance Delisting News: Major Cryptos Dropped Amid Market Efficiency Drive

What are your predictions for the future of Terra Classic LUNC?

You Might Also Like

Dogecoin (DOGE) Price Prediction for December 15

Wyoming Announces 2025 Vision! Major Transformation Possible in Cryptocurrency Sector

Why Crypto Market is Up Today?

Bitcoin Price Surge Incoming? Donald Trump’s Inauguration and CPI Report Could Ignite New ATH

Bomb News for Crypto Money Market! Great Preparation from the Giant Bank of the US: Coming!

TAGGED:CryptoNews
Share This Article
Facebook Twitter Email Print
Previous Article Tough Law for Cryptocurrency Trading! Stablecoin Transactions Are Now More Dangerous!
Next Article China Mobile Partnered With This Altcoin! A World First
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?