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Victims of the Terra/LUNA collapse who want to vote in bankruptcy proceedings have until August 21 to file a claim for any lost crypto or forfeit any say in the debtor’s plan, according to a Delaware bankruptcy court.  The notice, ordered on July 19, says claim ants must submit a preliminary crypto loss form to the debtor claims and noticing agent, Epiq, as part of Terra ’s Chapter 11 bankruptcy proceedings. According to the notice, Terra/LUNA victims failing to submit their claims before the deadline, “Shall not be treated as a creditor with respect to such claim solely for the purposes of voting on the Debtors’ Plan.” This is only for the voting plan, and the notice stresses that claimants who miss this deadline, “ will not be barred from submitting a crypto loss claim at a future date , which will be established by procedures that will be disclosed in the future.” The high-profile LUNA investors — from prime ministers to beauty queens Read more: Montenegro PM Milojko ...

Terra Luna Classic Developers Prepare for USTC Repeg Ex-Terra Rebels and Quant team member RedlineDrifter took to Twitter on June 23 clarifying the drama related to USTC repeg and Joint L1 Task Force leaking confidential information. advertisement The developer teams will again work in coordination to convince crypto exchanges about USTC repeg efforts. The developers align with the Terra Luna Classic community that USTC repeg will help in ecosystem revival for LUNC. He revealed that the team reached out to major crypto exchanges via professor Edward Kim-founded Terra Grants Foundation and reXx. In fact, most exchanges reacted positively to Proposal 11487 “USTC Incremental Repeg, Buybacks, Staking, Swaps.” The centralized exchanges’ mentioning technical issues to support the proposal were shared with L1TF project manager LuncBurnArmy due to involvement in Terra Classic development. RedlineDrifter claims only reXx, LuncBurnArmy, and he knew ab...

With the proposal now passed, the L1TF will upgrade the chain on June 14 to bring many significant changes to Terra Classic. Primarily, it will bring Terra Classic to parity with other blockchains such as Terra 2.0 and other Cosmos chains. Thus, allowing projects and developers to once again build on the Terra Classic chain. advertisement It is one of the biggest upgrades since the Terra Classic community took charge of the blockchain after the Terra-LUNA crisis in May last year. Terra Classic Community Officially Passes v2.1.0 Parity Upgrade Proposal Joint L1 Task Force project manager  LuncBurnArmy announced June 14 as the official date of the CosmWasm v1.1.0 parity upgrade and how the decision of delaying, testing, and preparing for the groundbreaking upgrade was taken. According to the countdown timer, the Terra Classic will undergo the v2.1.0 software upgrade at block height 13215800 , expected at 13:15:23 UTC on June 14. The block height and ti...

Do Kwon Have Ties With Montenegro’s Political Party Europe Now Montenegro Prime Minister Dritan Abazović claims he read the handwritten letter by Terra co-founder Do Kwon and sent it to the prosecutor’s office. advertisement According to the letter, Do Kwon having ties with former Finance Minister Milojko Spajić since 2018. Spajić is also the president of the Europe Now political Party. Terra co-founder claims to have financed Europe Now political party. Outgoing Prime Minister Dritan Abazović, political parties, and NGOs called on the Special State Prosecution on Tuesday to investigate the allege links between Do Kwon and Milojko Spajić. “It’s not good for Montenegro if Spajic had contacts with Do Kwon, because the man is wanted by the US and South Korean authorities. We cannot become a breeding ground for global fraudsters, even if they use blockchain or anything else.” Recomm...

The cryptocurrency ecosystem faced significant challenges in 2022, majorly due to the collapse of Terra , which ticked off a market downturn. Even after a year passing since the network crash, the creator of Terra , Do Kwon , has been detained in Montenegro. Along with various charges in different jurisdictions, Montenegro has accused him specifically of document forgery. In a recent hearing, both Kwon and Han Chang-Joon, Terra ’s former chief financial officer, were ordered to pay up to 400,000 euros, about $437,240 each. Kwon mentioned that his wife is expected to make the payment. In addition, he admitted to owning an apartment unit in South Korea. However, when questioned by the judge in the presence of the media, Kwon declined to disclose further details regarding his assets. More recently, the Seoul Southern District Court agreed to the prosecutors’ request to freeze 233.3 billion won in assets. This amounts to around $176 million, belonging to Kwon. Additionally, authorities...

Meanwhile, South Korea prepares for extradition of another Terra co-founder Do Kwon , who remains detained in Montenegro, awaiting court proceedings on passport forgery and extradition cases. advertisement South Korea Sets Trial Date For Terra’s Daniel Shin South Korea’s Seoul Southern District Court will hold the first trial on May 26 for Terra co-founder Daniel Shin and seven others indicted with multiple charges including fraud, breach of duty, and embezzlement, reported local news agency Yonhap. On April 25, the Seoul Southern District Prosecutor’s Office indicted Daniel Shin and seven others without detention for multiple charges including fraud, breach of duty, violating of Capital Markets Act , and embezzlement. However, two affiliates were indicted for breach of trust. Daniel Shin has hired a team of 30 lawyers for his defense, which includes former judges and prosecutors, along with lawyers experienced in handling digital assets-r...