Terra Classic (LUNC) is the native token of the Terra Network and has been developed to use supply and demand to price their algorithmic "stablecoin" Terra USD (UST) in a constant and stable ratio of one to one to the US dollar. to keep. This project was initially very successful, but an external attack in May 2022 exposed the vulnerabilities. From the moment the price of the "stablecoin" UST started to fall from its fixed relationship with the dollar, there was virtually no stopping it. The “bank run” that followed has caused both the UST and LUNC to lose almost all of its value. In an ultimate attempt to save UST and LUNC, Terra Network started issuing additional tokens, but to no avail. As a result, LUNC currently has a large number of some 6,500,000,000,000 tokens in circulation. A stop has been placed on further issuance. In an effort to restore the network and give it another chance, a hard fork has been carried out that gave birth to "Terra Network V2 (LUNA)" and continues as a standalone crypto without the algorithmic "stablecoin" UST. The "old" network is now called "Terra Classic (LUNC)" and is a community-managed network. You can safely and reliably buy and sell LUNC on LiteBit.
If you do not have a LiteBit account yet, you can easily create one, for free. You can sign up directly on our website or download our app. After that, you can instantly verify your identity with a valid passport or ID card. Having trouble? Our Customer Support is available to help you, 24/7. With the LiteBit app, you can trade anytime, anywhere with instant access to your portfolio.
We believe buying crypto like Terra, should be made simple. To buy Terra, you log in to your account in your browser or in your app. You can track the current rate of LUNC in your app, too. When you are satisfied with the rate of the cryptocurrency, you click on the crypto you want and hit the “Buy” button. And selling is just as easy! LiteBit offers multiple payment methods, like creditcard and SEPA payment.
At LiteBit, you get a personal and free wallet. A wallet is somewhat like a bank account. You can store your cryptos safely in your own wallet. After you have purchased Terra, your crypto will show up in your LUNA wallet. Your wallet gets a unique wallet address, and you can both buy and sell your cryptocurrency from your wallet.
Oct 31, 2022
Terra Labs started with big dreams and high hopes for decentralized finance and the way the world would issue and interact stablecoins in the future. After UST collapsed in May a terrible contagion effect brought down many players in the crypto industry. First and foremost, CeFi lenders like Celsius, BlockFi or Voyager. Now that the dust is settled the aftermath of Terra is not looking pretty either and the former founder and CEO Do Kwon is still at large. The general attorney in South Korea wants to have a word with him and even investors are searching for his whereabouts internationally. What is the latest turn of events in Do Kwons case and how could this affect him in the future?
Oct 06, 2022
Do Kwon is still on the run, and he keeps playing games via Twitter. In late September, Interpol issued a red notice for him after South Korean investigators asked for help to find out his whereabouts. While investigators still have no success dealing with Do Kwon himself, one of his accomplices got arrested this week. What is the status of investigations and will justice be finally served?
Sep 20, 2022
Terra’s downfall in May had a terrible impact on the whole market. Within a few days, around $60 billion were wiped off the market. This was also the start of a contagion effect that was spreading among CeFi lenders who were directly or indirectly impacted by the failure of Terra Labs. A few months later and Terra relaunched a new LUNA token and LUNC is also available as the original version of the Terra blockchain. At first glance, it seemed that Terra and especially Do Kwon could recover, but an investigation in South Korea brought new details to the surface. Is Do Kwon on the run from law enforcement and how will this story most likely end?