Terra Classic Seeks Clarification From TFL CEO And eToro

Terra Classic community has asked Terraform Labs CEO Chris Amani and eToro for clarification on LUNC delisting on the platform. The move comes after eToro users faced difficulty in trading LUNC due to recent developments in Terraform Labs (TFL) bankruptcy proceedings. The community claims Do Kwon and TFL had cut ties with the Terra Classic after the 2022 Terra-Luna Crisis, eventually dropping support for the decentralized chain.

Terra Classic Community’s LUNC Delisting Concerns

Social investment network eToro has set tokens issued by Terraform Labs as close-only status, with 78 thousand LUNC holders reportedly unable to buy LUNC from eToro. It follows the recent Terraform Labs chapter 11 bankruptcy case developments. The platform has stopped trading all tokens issued by TFL as the beleaguered company reportedly told eToro that they also own LUNC.

This has raised concerns in the community as it also risks LUNC delisting by other crypto exchanges. The community needs clarification from Terra CEO Chris Amani and eToro on why LUNC is being delisted due to Terraform Labs
Chapter 11 bankruptcy.

Validators and popular community members such as VegasMorph and Mr. Diamondhandz said the Terra Classic chain is managed by the community. It is the only decentralized chain after TFL deferred ties with the chain, as earlier confirmed by Do Kwon and TFL. Infrastructure, updates, maintenance, and others are managed by the community through governance voting.

Also Read: Terra Crypto Loss Claims Set Recovery Path For LUNA, LUNC, USTC?

LUNC and USTC Price Action Amid Confusion

The LUNC delisting move by Toro and concerns in the community have not impacted the Terra Classic ecosystem prices. TFL will reopen Shuttle Bridge for the redemption of wrapped assets on Terra Classic and burn 150 million LUNA, with clarification on LUNC and USTC burn still unclear.

LUNC price jumped 2% in the last 24 hours, with the price currently trading at $0.00008699. The 24-hour low and high are $0.00008276 and $0.0000884, respectively. However, trading volume has dropped further by 12% in the last 24 hours.

Meanwhile, USTC price also climbed 5%, with the price now back above $0.020. The 24-hour low and high are $0.01874 and $0.02077, respectively. The trading volume saw a 66% jump over the last day amid the opening of TFL crypto loss claims.

Also Read: Leading Asset Manager CSOP Says Bitcoin To Hit $100K Soon

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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