In a significant advancement for the Terra Classic blockchain, the L1 Joint Task Force (L1JTF) team has upgraded its testnet to version 2.0.0. The recent development may increase the price of LUNC, as network developments imply the presence of an active team.

The project’s token has been steadily gaining traction in the crypto community, with its value increasing by over 508.48% from its all-time low on May 13, 2022.

L1JTF Upgrades Testnet To V2.0.0

The v2.0.0 upgrade of the L1JTF testnet with Cosmos SDK v0.45 is a critical milestone for the project, as it introduces several new features that enhance its functionality and security. The Terra Classic community was also supportive in driving the revitalization plan of the project.

Notably, this could also boost the transition of the Terra Classic mainnet upgrade to version 2.0.0. This information came from a part-time developer for the team, Till.

He revealed that only six validators, including StakeBin, Lunanauts, and Allnodes, joined forces to achieve the success of the upgrade. Some enthusiasts of the project, like reXx, expressed concerns about the number of validators involved in the development, noting that it should have been up to 30.

However, Professor Edward Kim reportedly supported the testing process. This is surprising, given that he left the L1JTF to follow up on his artificial intelligence chain project.

After successfully upgrading the testnet, the L1 team’s project manager, LuncBurnArmy, submitted a proposal for the Terra Classic core mainnet upgrade to version 2.0.0.

Based on the proposal, the upgrade implementation is scheduled for May 17. Notably, it will introduce a transition to the Cosmos SDK v0.45.13 and Tendermint v34.24 upgrades.

The news of the upgrade has been met with enthusiasm from the LUNC community, with some investors predicting that the project’s token will continue to rise in value. 

The L1JTF Team Pushes For Terra Classic Blockchain Development

The L1JTF team comprises experienced developers, blockchain experts, and community members passionate about the Terra Classic network. Their primary task is to see that the ecosystem is robust, secure, and can support a wide range of decentralized applications.

The L1JTF team has been working tirelessly to improve the functionality and security of the network. This is evident from the success achieved in the Q1 of 2023. The team is now poised to take further steps to achieve more goals in Q2. 

Furthermore, the recent upgrade to version 2.0.0 of the L1JTF testnet will significantly affect the Terra Classic (LUNC) network. Primarily, it will facilitate building decentralized applications on the LUNC blockchain. This will, in turn, aid the adoption and usage of the token over time.

#lunc #Binance #crypto2023 #BTC #terra

South Korean authorities are looking to extradite embattled Terra (LUNA) founder Do Kwon months after he was found in the Eastern European nation of Montenegro.

According to a new report from The Wall Street Journal, the leading prosecutor in the case says that bringing Kwon back to South Korea would be the best way to obtain justice for the victims of last year’s multi-billion-dollar collapse of the Terra ecosystem.

Kwon is accused of making false claims about the digital assets he launched as a part of the Terra ecosystem as well as creating trading bots to falsely boost the transaction numbers of TerraUSD, the protocol’s failed algorithmic stablecoin.

Currently, South Korea is in the midst of talking to U.S. prosecutors to extradite Kwon from Montenegro, where he’s been held by authorities since March, according to the report.

According to lead prosecutor Dan Sung-han, even though some of Kwon’s fraudulent actions took place in the United States, the evidence suggests that much of it took place in South Korea.

As stated by Dan in an interview with The Wall Street Journal,

“Given the nature of this incident, we think investigating the case in South Korea would be the most efficient way of bringing justice”

Dan added that if convicted, Kwon could face the largest prison sentence ever handed out for financial crimes in South Korea, which would be over 40 years.

Kwon was arrested in Montenegro in March after attempting to board a flight to the United Arab Emirates with a forged Costa Rican passport. He is also facing charges from the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities laws, which he asked a court to dismiss last month.

The Terra ecosystem’s troubles began last May after both its native assets LUNA and TerraUSD collapsed, leading to about $40 billion in losses.

#crypto2023 #BTC #luna #lunc #terra

The most promising DeFi project of Terra Classic (LUNC), Terraport Finance, reported a hack of its Terraport liquidity wallet on Monday. In a tweet, the team shared that a hacker siphoned liquidity from Terraport Finance. Nearly 9.5 million TERRA, 15 billion LUNC and 5.5 million USTC were stolen by the hacker.

Subsequently, Binance CEO Changpeng Zhao shared that his team reviewed the transactions and found that no funds were deposited on Binance – unlike MEXC and KuCoin, where deposits were detected.

Was The Terraport Finance “Hack” An Inside Job?

A Terra Classic developer and prominent community member, @CosmoSreXx, popularly known as reXx, has raised serious allegations against the Terraport Finance developers yesterday. He claims that the Terraport hack was actually a rugpull.

The developer investigated the incident and found that three wallets hard-coded into the Terraport source code were responsible for the exploit. For him, this is clear evidence of a rugpull, as long as the developers of Terra Classic’s DeFi application do not make the full source code public.

“Without the full transparency of the other parties involved (@TerracVita and _Terraport_) we can only go based of what we (me and 2 other individuals) have uncovered from the encryption. To have a concrete answer, we need to see the source code (though I know it was changed),” reXx elaborated.

The developer expressed understanding that the source code is closed to protect its value. However, the situation makes it necessary, moreover, closing the communication and not reacting to the problem is a bad sign.

“I’ve come to the conclusion that this is an inside job. I am not saying all team members of Terraport knew/were apart of this, but this leads back to who coded this DEX,” concluded reXx, who also referred to an audit he requested that was never conducted.

On April 2, reXx pointed out several security vulnerabilities in the Terraport platform code. According to the developer, a CertiK audit would have cost up to $50,000. He also noted that the code was implemented back in January and the team should have identified it since then.

Terra Classic (LUNC) Price Stuck In Downtrend

At press time, the LUNC price stood at $0.00012235, down 4% in the last 24 hours. A look at the 1-day chart of LUNC shows that the price has been in a downtrend since it emerged after the Terra Luna collapse.

The price has formed a falling triangle pattern. Any attempts to break above the resistance line have failed so far. The support line at $0.000116 is the mark that is currently preventing a plunge to a new all-time low.

#terra #crypto2023 #BTC #hongkongweb3 #fantasticdeals

The team will be providing a detailed account of transactions and expenses made for its Q1 work.

The Terra Classic (LUNC) Layer-1 Joint Task Force (L1JTF) has completed its proposed work on the Terra Classic network for the first quarter of the year, under the estimated budget. Accordingly, the surplus assets from the Q1 funding has been returned.

The team returned 233,719,000 (233.7 million) LUNC tokens worth around $29.5K to the community pool on April 11, as disclosed by LUNC Burn Army (LBA), the team’s project manager. He shared proof of the transaction, and confirmed that the proposed work for the first quarter has been completed.

1. Q1 has been completed under budget. As promised, we have returned all budget surplus from Q1, which totals 233,719,000 LUNC. The funds have been sent to the community pool.https://t.co/iiv0C8mX6V

— 🔥LuncBurnArmy🔥 (@luncburnarmy) April 11, 2023

Last Monday, LBA released a report on the team’s Q1 progress, which showed the successful completion of all tasks specified in the roadmap. The report was met with commendations from the Terra Classic community, with most proponents lauding the team’s efforts.

In his latest remarks, LBA restated the team’s commitment to deliver a comprehensive breakdown of the expenses and transactions incurred during Q1, as previously indicated in the report released last Monday. The team plans to provide this breakdown this week.

2. We serve at the pleasure of the community and strive to continue to bring them quality work. As mentioned in the end of quarter report, a detailed summary will be provided this week outlining all transactions and expense receipts.

— 🔥LuncBurnArmy🔥 (@luncburnarmy) April 11, 2023

Controversies and Revisions

In addition, a revised proposal for the L1JTF work and required funding for Q2 2023 has been published on Agora. The amended proposal seeks to address concerns raised by community members regarding the earlier proposal in terms of funding and clarity.

#LUNCcommunity please find the revised Agora proposal based on community feedback at the following location below. https://t.co/C87KpuPz40

— 🔥LuncBurnArmy🔥 (@luncburnarmy) April 8, 2023

The reviewed proposal seeks a total funding of $124.8K for Q2, $14.7K short of the $139.5K funding initially requested. Among others, the remuneration for the full-time developer has now been reduced from $40.44K to $37.50K. No significant objections have been raised on the revised proposal as of press time.

Recall that, last week, the initial proposal sparked controversy among community members who raised concerns about its contents. One particular issue that emerged was the compensation of Tobias “Zaradar” Andersen, the sole full-time developer, which some proponents argued was excessive for the amount of work being done. However, the developer vehemently challenged this rhetoric.

As the drama continued to escalate, Zaradar decided to step down from his position in the L1JTF, citing an unfavorable risk/reward ratio. This departure created a void in the L1 task force and the team is currently seeking a new full-time developer to fill the position. A job advertisement for the role has been published, and applications will be accepted until April 23.

#LUNA #crypto2023 #crypto #terra #cryptotrading

South Korean prosecutors have confirmed that Terraform Labs CEO Do Kwon sent a staggering 9 billion won ($7 billion) to Kim & Chang, a top South Korean law firm, just before the Terra ecosystem's spectacular collapse.

This move has been flagged as a deliberate one by prosecutors, who believe that it reaffirms Kwon's awareness of the impending collapse and anticipated legal problems. KBS News reported this development, which has raised suspicions about Kwon's ill intent in prepaying the law firm. Prosecutors believe that this information will help in the ongoing fraud case.

Kim & Chang's lawyers visited Montenegro to meet with Kwon and Terraform's former chief financial officer, Han Chang-joon. Kwon was arrested at Podgorica airport in Montenegro after trying to fly to Dubai using fake documents. Following his arrest, both United States and South Korean authorities have sought Kwon's extradition, but the court is yet to decide.

On April 7, South Korean prosecutors suspected Kwon of converting illicit funds from Terra to BTC. The prosecutors requested Binance to halt all withdrawal requests linked to Kwon.In total, prosecutors identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Kwon and his associates, out of which about 91.4 billion won $69 million) is reportedly directly linked to Kwon. This development has raised concerns about the integrity of the Terra ecosystem and the need for stricter regulations to prevent such fraudulent activities.

#coingabbar #terra #crypto2023 #dyor #crypto

The Terra.money team reports that the official website of the project is compromised and controlled by unknown hackers who use it for phishing attacks against users of the platform. Terra warns users that the official Terra.money domain has been blocked. Anonymous attackers are using it to obtain sensitive data in order to compromise cryptographic keys and steal funds from the accounts of the platform's customers.

"The terra.money domains have been successfully frozen to prevent further phishing scams. The investigation is ongoing," Terra announced on Twitter.

The Terra team has advised all platform users to avoid interacting with any websites on the aforementioned domain until an official notification is issued that the portal is fully secure. Platform users are advised to rely solely on the project's X (Twitter), Discord and Telegram accounts for reliable information.

"Our team is working around the clock to fix the problem, but we have experienced delays in responses from some third parties," Terra representatives lamented.

Palo Alto Networks CEO Nikesh Arora recently warned that participants in the digital finance industry need updated cybersecurity systems to protect against hacker attacks that are getting faster and more sophisticated.

#LUNC #terra

Luna Classic (LUNC), the token that powers the original but now largely defunct Terra blockchain, has seen a strong rebound from its Wednesday lows on Thursday and, as per CoinGecko, was last trading around 3.5% higher in the last 24 hours just above $0.0001250.

The cryptocurrency had dipped as low as $0.00012 on Wednesday, dropping under its 21-Day Moving Average in the process, but has since recovered in tandem with upside in major blue-chip cryptocurrencies like Bitcoin and Ether.

Price predictions have thus become a tad more bullish.

The former is performing as the US dollar weakens and US yields edge lower amid increased bets that the Fed’s rate hiking cycle is near its end and a cutting cycle will soon follow.

Markets have been amping up dovish bets recently in wake of this week’s downside US inflation data surprises and last week’s weaker-than-expected ISM PMI survey results.

While Bitcoin has been able to conquer the psychologically important $30,000 level, Ether has been able to probe $2,000, seemingly deriving a boost from Wednesday’s successful implementation of the so-called “Shapella” upgrade.

This upgrade, among other things, allows the withdrawal of staked Ether tokens from the Beacon chain for the first time.

Broad crypto market positivity has helped lift LUNC in recent weeks, with the token up around 9% from its March lows.

The cryptocurrency is also above its 21-Day Moving Average properly for the first time going all the way back to February.

Price Prediction – Where Next for LUNC?

LUNC has continually found strong support in the $0.00012 area in recent weeks.

That suggests a retest of support-turned-resistance in the $0.00014 zone is potentially on the cards in the coming weeks.

That assumes that broader positive flows in the crypto space continue for the foreseeable future.

A rally to $0.00014 would require a push above LUNC’s 50DMA, which may be a tough ask, given the level acted as strong resistance as recently as early March.

A rally to $0.00014 would confirm a breakout from a downtrend that has been in play going back to last October, which could potentially open the door to a rise back towards the key support-turned-resistance zone around $0.00020.

That would also require LUNC to get back above its 100DMA at $0.00015 and 200DMA at $0.00018.

Is it Time to Buy LUNC?

The prospect of a short-term pump in LUNC is most certainly there, meaning short-term investors looking to quickly turn over coins might be interested.

Longer-term HODLers should probably look elsewhere, however.

Despite the likes of Bitcoin and Ether being up north of 80% and 65% respectively so far for the year, LUNC is down around 12%.

That’s because most view the original Terra blockchain as a dead project.

To recap, the Terra blockchain ecosystem essentially died last May when the Terra UST (UST) stablecoin lost its 1:1 peg to the US dollar, triggering hyperinflation in the LUNC token that had been used to back it, and triggering massive capital outflows from the Terra Decentralized Finance (DeFi) ecosystem.

Prior to the collapse, Terra had accumulated an army of high-quality developers building all sorts of decentralized applications for its blockchain.

But the collapse triggered an exodus of nearly all of these developers.

Those who remain invested in the success of the original Terra blockchain are largely those who haven’t been able to let go of what was lost, while the vast majority have moved onto to viable crypto ecosystems.

Nothing is impossible in crypto and investors shouldn’t rule out the possibility that the original Terra blockchain may be able to stage a comeback and rebuild a viable ecosystem, pumping LUNC in the process.

But that seems unlikely at this stage.

Most blue-chip cryptocurrencies remain a much safer bet, whilst still offering investors the opportunity to benefit from exponential gains.

#lunc #luna #terra #crypto2023 #Binance