China News Today TheBitTimes.com

A U.S. federal judge has ruled in favor of the Securities and Exchange Commission (SEC) in a case against Terraform Labs and its former CEO Do Kwon. According to a U.S. court’s decision, Terraform Labs and Do Kwon sold two unregistered securities , referring to the LUNA, UST, and MIR tokens. District Court Judge Jed Rakoff made the decision on Dec. 28. The court cited Kwon’s previous commentary, which stated that LUNA holders simply need to “[s]it back and watch [him] kick-ass” to conclude that LUNA meets the Howey test. Concerning the MIR token, the court held that the defendants could not seriously dispute that they caused MIR holders to expect profits from a joint enterprise based on Terraform’s efforts to develop, maintain, and evolve the Mirror Protocol. “In other words, that MIR passes the Howey test with flying colors.” Court’s filing You might also like: Terraform Labs and SEC agree on confidentiality terms as trial ...

Terra Tokens Suffers Amid Terra Money and Station Woes Terra Money in the latest status update on August 25 revealed that the terra(dot)money domains will remain blocked to prevent phishing scams. Customer funds in the Station wallet are marked safe by the team. advertisement “The terra(dot)money domains remain frozen to prevent phishing scams, and we’re actively working with the domain registrar to regain access as soon as possible. User funds in Station wallet are safe.” Last week, TFL discovered compromise of terra(dot)money domains and the attacker attempts to scam Terra users via phishing attacks. In response, terra(dot)money domains were frozen to safeguard the Terra community and protect user funds. The team also updated the Station web app and browser extensions, warning ecosystem partners to avoid interacting with domains. The work is in progress to contact the domain registrar to reclaim control of terra(dot)money domains. ...

Terra Classic Community Passes L1TF Q3 Proposal Proposal 11599 “Joint L1 Task Force Q3 Proposal” surpassed the ‘pass threshold’ despite community concerns over depleting funds in the Terra Luna Classic community pool. The Joint L1 Task Force (L1TF)  will receive $116.7k in total to complete proposed tasks during Q3. As per current voting details, the proposal received 56% “Yes,” while 29% voted “Abstain.” Also, some were against the proposal, with 9% “No” and 6% “No with veto” votes. Meanwhile, 26 validators such as Coinpayu, JESUSisLORD, Happy Catty Crypto, DFLunc, and StakeBin supported the proposal. Others cited low community pool funds, recent disputes, and other personal reasons for rejecting the proposal. The community even turned down the proposal to revive the Terra ecosystem by forming the Terra Allies “Six Samurai” team of 6 senior developers due to low funds in the community pool. Othe...

Terra Classic (LUNC) Burn Rate Rises On May 1, Binance burned 1.27 billion LUNC as part of its monthly LUNC burn mechanism. After Binance burn, the total LUNC burn reached 55 billion and burns contributed by Binance reached 31.83 billion LUNC tokens. advertisement The LUNC burn rate continue to rise after the Binance burn, as the community burned new millions of LUNC through the new project DFLunc Protocol as it begins to attract attention. It is a DeFi protocol consisting of multiple smart contracts and aims to deflate LUNC supply through a continuous burn mechanism. DFLunc Protocol is also a validator for Terra Classic that allows users to mint its DFC token only by burning LUNC tokens. It utilizes two smart contracts based on CosmWasm — DFLunc and CW20-DFC. Users burn LUNC by paying USTC as protocol fees to mint DFC tokens. The protocol has divided its plan into different stages that ultimately aimed toward the growth of its validator on the Te...