In light of the actions of regulators following the collapse of Terrax LUNA and its UST stablecoin, the owners of these crypto assets are now demanding compensation for their losses.
On June 13, a class action lawsuit was filed against Binance.US and its CEO Brian Schroeder Jeffrey Lockhart, who filed the lawsuit on his own behalf and on behalf of all other claimants in a “similar position.” According to the lawsuit, the plaintiffs allege that Binance.US was advertised and sold UST to investors as “a safe asset that could be used to generate substantial profits, including in the form of interest.” By doing so, the exchange misled its users about the “safety” of Terra, adding that it is a UST stablecoin.
That’s not all. On June 17, Nick Patterson filed action against TerraForm Labs, Do Kwon, and several venture capital firms for deliberately misleading investors about the true nature of the UST stablecoin.
Hence, it would be interesting to see how Terrax LUNA and LUNC coins have been successful lately.
Price reduction for each Kwon coin
Over the past seven days, LUNC and LUNA coins have experienced a drop in price. LUNC has recorded an 8.38% decline over the past 24 hours, trading at $0.00005355 at press time. Amid a bloodbath in the overall crypto market over the past seven days, the altcoin recorded a 21% drop in value compared to $0.000068 seven days ago.
In addition, in this window, coin’s market capitalization of Russia also declined. At press time, this stood at $350.68 million, down 21% from the $446 million recorded a week ago.
On the other hand, LUNA performed no better. An exchange of hands at $1.79 per LUNA at press time has recorded an 11% price decrease in the last 24 hours.
Considering that the price of the index was $2.57 seven days ago, coin is down over 40%.
With the current bear run lagging behind the crypto market, both Terra coins were heavily oversold at press time. The Relative Strength Index (RSI) for LUNA, for example, was 21.33.
LUNC, on the other hand, has registered an RSI of 28.16 at the time of writing.
Rejection on the social front
The continuation of the collapse of TerraUST, LUNC and LUNA coins was accompanied by general rejection. For example, in the last week alone, LUNC’s social dominance has fallen by 63%. Its social volume also decreased by 89%.
The new LUNA token has also declined on the social front. With a social dominance of 1.707% at press time, a 57% drop has been registered in the last seven days. Social volume also marked a 65% decline.
