Updates on Compensation for Terra/LUNA Victims In mid-2022, the Terra platform suffered a massive collapse, resulting in over $40 billion in losses for investors. Nearly two years later, clients and creditors are still awaiting compensation. Finally, there's been progress in the case, though investors continue to feel disheartened. Terra Classic Community Halts USTC Minting Terra Classic (LUNC) community has voted to cease all minting and reminting of Terra Classic USD (USTC), the algorithmic stablecoin known as UST. Shin Hyun-sung Prepares for Court Battle Shin Hyun-sung, Terra co-founder, has formed a substantial defense team of around 30 people in preparation for his trial. The team includes numerous lawyers, some of whom specialize in coin and capital market law. Park Hyung-cheol, the former anti-corruption secretary of the Blue House, is also part of the defense. The UST and LUNA Crash: One Year Later and Its Lasting Impact One year ago, the crypto world witnessed the dramatic collapse of the UST stablecoin and LUNA token, which has left an indelible mark on the market. The creator of the Do Kwon project, who had confidently promised to restore the UST peg to the US dollar, is now synonymous with the debacle that shook investor confidence and contributed to the intensification of the bearish market. Do Kwon Arrested Due to Hilariously Bad Fake Passport Do Kwon, the co-founder of fallen crypto firm Terra Labs, was arrested not because he was recognized or flagged in a database, but rather due to the laughably poor forgery of his fake passport, according to a tweet by crypto analyst FatMan. Sponsored Sponsored Seoul Court Rejects Terraform Labs Co-Founder's Detention Request A recent development in Seoul has seen the court decline a request for an arrest warrant targeting Daniel Shin, Terraform Labs' co-founder, who is currently under scrutiny for purportedly securing illegal profits before the company's cryptocurrencies, TerraUSD and Luna, experienced a dramatic decline last year. The Central Bank of South Korea intends to supervise stablecoins South Korea intends to monitor cryptocurrency after Terra USD crash Nassim Taleb: Author of the Bestseller "The Black Swan" The bankruptcy of FTX, the Terra collapse, the coronavirus pandemic, and other unforeseen events that have shaken the crypto industry are often referred to as "Black Swans." This term, popularized by Nassim Taleb through his bestselling book, has become synonymous with rare, impactful events. What is Terra (LUNA)? A Comprehensive Review of the Project Terra (LUNA) is the native token of the Terra blockchain (Terra 2.0). Positioned at the 118th spot in the cryptocurrency market cap rankings, this digital asset is primarily employed for mining and governance objectives. Sponsored What is TerraClassicUSD (USTC)? An overview of the project TerraClassicUSD (USTC) is an algorithmic stablecoin of the Terra blockchain. The idea behind USTC was to tackle the scalability issues that plagued other stablecoins. However, USTC ultimately proved to be the downfall of the Terra ecosystem in May 2022. What is Terra Luna Classic (LUNC)? Project overview The Terra Luna Classic (LUNC) is the native token of the original Terra blockchain. The token gained notoriety not only for its initial growth after launch but also for its subsequent plummet, resulting in nearly a 100% loss in value during the TerraUSD (UST) collapse. Terra's MLB Cameo Leaves Fans Bemused and Intrigued The opening day of Major League Baseball (MLB) season stirred up confusion among fans as the once-collapsed crypto ecosystem Terra made an unexpected appearance at Nationals Park in Washington D.C. Singapore police launch an investigation into Terraform Labs Do Kwon, who had seemingly disappeared from public view, left behind a significant problem that has continued to affect the crypto market for almost a year. The collapse of his main creations, the Terra USD stablecoin and its ecosystem, has had far-reaching consequences. Terra Says it Doesn’t Know When It’ll Pay Out Funds The Luna Foundation Guard (LFG), a fund that focuses on the Terra ecosystem, claimed that it is unable to give a timeline for distributing assets among the investors.