Terra is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain. Luna is the reserve currency of the Terra platform. It has three core functions: i) mine Terra transactions through staking, ii) ensure the price stability of Terra stablecoins and iii) provide incentives for the platform’s blockchain validators.
Amp is described as the new digital collateral token offering instant, verifiable assurances for any kind of value transfer. Using Amp, networks like Flexa can quickly and irreversibly secure transactions for a wide variety of asset-related use cases.
Those affected are contemplating filing a class action lawsuit in the US against Binance.US, alleging that the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. gave inaccurate information in order to promote the purchase of UST y LUNA before the collapse. They also denounce that the platform a place to buy, sell and store cryptocurrency failed to comply with the provisions of the securities laws.
- Affected people in the U.S. will sue as a class action against Binance.US.
- They allege misleading advertising to promote UST y LUNA before the collapse.
- Acusan a Binance.US of violating U.S. securities law.
- Despite launching Terra 2.0, the project has not managed to stay afloat.
Recently published reports reveal that, a number of investors affected after the fall of Earth and their tokens are planning to file a class action lawsuit against Binance.US, the address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. of the exchange especially for customers residing in the USA.
Users contemplate suing Binance.US after what happened with Earth
According to a legal document published by several media outlets, the affected users allege that Binance.US made use of misleading marketing pitches, as it would have provided inaccurate information about the stability of UST, the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. launched by the team of Earth, which they allegedly referred to as a “safe” investment and used other adjectives to make it more attractive.
Among other details present in the lawsuit, those affected also allege that Binance.US benefited from what happened, because it offered for sale the new LUNA de Earth 2.0 after the collapse of the previous version, thus creating a new mechanism for profit.
An additional aspect points out that Binance.US had allegedly failed to comply with the rulings set out in the securities law, claiming that the entity is not registered as an exchange with the country’s regulators. However, the staff of Binance This was dismissed on the grounds that it was duly registered with the FinCEN, and therefore operates in compliance with the relevant regulations.
The document associated with the lawsuit states that this complaint would be supported by thousands of affected investors, and would be asking the exchange for compensation exceeding USD $5 million.
The fall of Earth (Review)
Let’s keep in mind that the fall of Earth and its flagship coins was one of the events that made its weight felt strongly on the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies market, as it showed that if conditions are not favorable, a stablecoin operating under an algorithmic model could see its ability to maintain parity with the associated fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency currency is a medium of exchange that defines value. compromised.
In the case of UST, the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. lost parity with the U.S. dollar and resulted in significant losses for all those who used it for various purposes, especially for those who operated in the sector. DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. and whose funds remained blocked during the fall.
In an attempt to try to restore the value of the UST, Terra’s team proceeded to liquidate a large part of the reserves Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. it had been accumulating to back the stablecoin. This also led to a sharp drop in the token. LUNA (LUNC), which lost more than 99% of its value amid tensions and investor fears.
Since there was no longer a viable solution, the Terra team led by Do Kwon proposed to launch a 2.0 version for the network, which would compensate those affected with a new token. LUNA. However, despite its launch, the new cryptocurrency was unable to maintain its starting value and is currently trading at around USD $2.46 per unit, a far cry from the USD $17.8 at which it originally opened trading.
- SkyBridge Capital’s Anthony Scaramucci advises investors to “stay disciplined” in the face of the crypto market an area or arena, online or offline, in which commercial dealings are conducted. crash
- Justin Sun and TronDAO announcements have an effect and USDD price heads back to USD $1
- Do Kwon denies accusation of diverting $2.7 billion in UST funds in his favor
Version by Angel Di Matteo / DiarioBitcoin
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