The legal battle between ALTCOINS LUNA and LUNC

Holders of these crypto-assets are now seeking compensation for their losses as a result of regulatory actions following the collapse of Terra’s LUNA and its UST stablecoin.

Jeffrey Lockhart filed a class-action lawsuit against Binance.US and its CEO, Brian Shroder, on June 13th, on behalf of himself and all other “similarly situated” claimants. The claimants argue that Binance.US promoted and sold UST to investors as a “safe asset that could be used to earn substantial returns, including in the form of interest,” per the lawsuit. In doing so, the exchange misled its users regarding the “safety” of Terra’s UST stablecoin, it added.

Not only that, but Nick Patterson filed a lawsuit on June 17th against TerraForm Labs, Do Kwon, and a few venture capital firms for intentionally deceiving investors about the true nature of the UST stablecoin.

As a result, it will be interesting to watch how Terra’s LUNA and LUNC currencies have performed recently.

A decrease in the value of each Kwon’s coin

The prices of the LUNC and LUNA coins have fallen in the last seven days. LUNC fell 8.38 % in the last 24 hours, closing at R0,00086 at press time. In the middle of the general crypto-massacre market over the last seven days, the altcoin’s value dropped by 21% from R0,0011 seven days ago.

Furthermore, the coin’s market valuation fell during that time period. This was at R5.6 billion as of press time, a 21% decrease from the R7.148 billion recorded a week before.

LUNA, on the other hand, did not fare any better. At the time of publication, the price of LUNA was R28,69, representing an 11% drop in the previous 24 hours.

When compared to an index price of R41,19 seven days ago, the coin has dropped by more than 40%.

With the crypto-market being on a bear run, both Terra coins were severely oversold at the time of publication. LUNA, for example, had a Relative Strength Index (RSI) of 21.33.

In contrast, LUNC had an RSI of 28.16 at the time of writing.

Decline on the social front

Following the demise of Terra’s UST, LUNC, and LUNA coins, there has been general unacceptance. For example, LUNC’s social dominance has dropped by 63% in the last week. Its social volume has also dropped by 89%.

On the social front, the new LUNA cryptocurrency has also declined. With a social dominance of 1.707 % at press time, there has been a 57% reduction in the last seven days. Social volume was also down by 65%.

The legal battle between ALTCOINS LUNA and LUNC

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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