breaking news Terra goes live with new blockchain and Luna airdrop – Business News lastminute news

To coincide with the blockchain launch, an airdrop for a new LUNA token went live this morning. According to the distribution plan, 70% of the new token allocation will be given to previous LUNA, UST and aUST holders (the UST tokens representing aUST are staked in Anchor Protocol, Terra’s flagship DeFi protocol that offers investors a 20% return on their stablecoins). provide). Terraform Labs did not receive any tokens from the drop. Eligible addresses could claim the airdrop through the Terra website, and it was also supported on several major exchanges. According to Bybit, as of press time, LUNA is trading around $16. With the new Terra blockchain and LUNA token now live, the original LUNA and UST have been renamed to LUNA Classic and UST Classic, while the original network is now called Terra Classic.

The new blockchain launch is an audacious move for Kwon, who is now facing growing legal problems. Several investors are reportedly organizing to file charges against Kwon for fraud, and they also face potential criminal risk: according to local reports, South Korean officials have been accused of potentially running a Ponzi scheme. are under investigation, and he was reportedly also given a fine of $78 million. National Tax Service of South Korea for tax evasion. Kwon has been unusually cagey in his online communications since the fall of Terra, but he has claimed that Terraform Labs in South Korea has no tax liabilities.

Disclosure: At the time of writing, the author of this article owns LUNA, LUNC, ETH and many other cryptocurrencies.

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