- Terra Classic holders are outraged about an email sent to American residents.
- Crypto.com asked the customers to withdraw their LUNC until mid-February.
- Terra Luna Classic drops out of the TOP 100 by global market capitalization.
Cryptocurrency exchange Crypto.com has cautioned Terra Luna Classic (LUNC) holders to sell or withdraw their tokens. Igniting a wave of discontent from the community, Crypto.com gave their customers a deadline of February 15 to take the necessary steps. Terra Classic took a massive hit, sliding down over 10% in the last 24 hours.
The shocking news was first spotted by prominent community member Danny Demi DeFi, who shared a screenshot of the email sent by Crypto.com’s team. While no official statement is available on the exchange’s official website, a lengthy list of other Terra Classic members in the United States confirmed receiving the same email.
LUNC, USTC Prices Slide Down Amid Community Turmoil
Both Terra Classic’s coins were caught on a downward slope following the developments. LUNC exited the TOP 100 by global market capitalization after a 10.1% deficit in the last 24 hours. Currently, LUNC trades at $0.0001125, counting an 18% monthly downturn.
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Meanwhile, the malfunctioning stablecoin Terra Classic USD (USTC) also dropped by 9.5% in the last 24 hours and now trades at $0.02759, according to CoinGecko. USTC embarked on a bull run to 7 cents in November 2023 but later retraced the gains. While USTC found a crucial support level above 2 cents, the token also fell by 18% in the last 30 days.
Terra Classic’s price movement tends to react to the developments in the TerraForm Labs vs. the U.S. Securities and Exchange Commission (SEC) lawsuit. Last week, USTC went up 8% after SEC Chair Gary Gensler’s gesture to postpone the trial, initially set for January, as TerraForm Labs founder Do Kwon is still in prison for document forgery in Montenegro.
On the Flipside
- Multiple Terra Luna Classic holders on X requested Crypto.com for clarification, contemplating that the emails sent could have been fake.
- However, Crypto.Com’s official support hasn’t responded to the request for comment by DailyCoin nor Terra Classic members on Twitter.
Why This Matters
Terra’s ecosystem faulted in May 2022, when the USTC stablecoin de-pegged from $1. While the remaining Terra Classic community members strive to revitalize, support from major crypto exchanges is crucial.
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