Over the last couple of months, the crypto-verse has been a mess. The downfall of Terra, now Terra Classic, ticked off a streak of bad luck. An array of projects like Three Arrows Capital, Celsius, Voyager, and others succumbed. While regulators were trying to scrutinize these projects, naive investors continued to suffer. Lawsuits against Terra, in particular, have been coming in from all across the globe. Yet, Do Kwon, the project’s creator, continues to live as a free man. Amidst all of New York, Attorney General Letitia James intended to bring justice to these investors.
James recently advised New Yorkers impacted by the failure of cryptocurrency ventures to get in touch with the Office of the Attorney General. Crypto users who had their accounts shut out by exchanges or even lending services for cryptocurrencies were welcomed. Additionally, anyone who could not access their money or believed they had been duped into investing in cryptocurrencies was urged to speak out.
James said,
“Investors were promised large returns on cryptocurrencies, but instead lost their hard-earned money. I urge any New Yorker who believes they were deceived by crypto platforms to contact my office, and I encourage workers in crypto companies who may have witnessed misconduct to file a whistleblower complaint.”
New York AG’s Investor Protection Bureau will keep the complaints anonymous and processed.
Terra’s downfall concerned many, and South Korean regulators have eagerly awaited Do Kwon’s arrival. In addition, US investors had filed a class action lawsuit against Terra and Celsius. FatMan, a Terra whistleblower, also decided to add to this by issuing another lawsuit.
The borderless nature of cryptocurrencies makes it hard for a single entity to regulate them. Therefore, several other lawsuits could make a debut if Kwon remains unconvicted.
What’s happening with Terra Classic now?
Terra Classic [LUNC] continues to thrive despite its previous downfall. While its price struggles to garner a significant push, the community continues to embrace the asset. Additionally, it should be noted that Kwon went on to start a whole new project called Terra 2.0.
LUNC seemed to be emerging as a community-driven project as an array of individuals frequently burned the supply.
At press time, Luna Classic was down by nearly 5 percent and traded at $0.00009912. The infamous token remains 100 percent below its all-time high of $119.18.