This week, Terraform Lab’s ex-CEO and founder, Do Kwon, faced a legal decision in his favor, with a judge ruling against his extradition to South Korea and the U.S. This decision seems to have influenced market sentiments revolving around the Terra-backed tokens, LUNA, LUNC, and USTC.
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What is Terra LUNA Classic (LUNC)?
LUNA Classic (LUNC) is the original Terra LUNA coin left behind after the recent UST/Luna collapse and the establishment of a new Terra chain. Kwon’s plan for recovery included the creation of a whole new chain on which future transactions would be conducted.
The old chain was split into the LUNA Classic and the Terra chains. Terra will be the name of the new chain (known as LUNA 2.0), and LUNA Classic (LUNC) is the original Terra LUNA blockchain’s native token.
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