Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC – Crypto News

LUNC News: Terra Luna Classic community members seek 200 million USTC from Coinbase and Pantera Capital-backed Karak Network, claiming Karak co-founder Raouf Ben-Har has stolen the crypto asset worth millions.

Meanwhile, the community has made significant efforts to remove 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from circulating supply.

Terra Luna Classic Seeks 200 Million USTC

Terra Luna Classic developer RedlineDrifter reignited buzz in the community regarding the missing 200 million USTC. He alleges that Coinbase and Pantera Capital-backed Karak Network has not returned USTC worth $8 million that belongs to the community.

RedlineDrifter pointed out Karak Network co-founder Raouf Ben-Har for missing crypto assets that date back to when he operated under Risk Harbor. The Risk Harbor team is now rebranded to Andalusia Labs. The Terra Luna Classic community claims Risk Harbor team used an admin function to withdraw 200 million UST (now USTC).

The community member joined BNB Chain X space featuring Karak Network, Lista DAO, and Listapie to ask about the missing 200 million USTC. Notably, Terra Luna Classic community has burned 800 million USTC and taken out of circulating supply.

“No user funds were ever touched. Foundation sold UST that the Terra Foundation minted and provided (which eventually dissolved) for pennies on the dollar after riding it down to 0, which will carry forward to Karak. Simple as that.” said Victor Cheng, CSO at Karak Network.

Also Read: LUNC Price Flashes Buy Signal Ahead Binance Burn As Over 1 Trillion LUNC Staked

USTC and LUNC Prices Performance

USTC price trades at $0.01808, down 1% in the last 24 hours. The 24-hour low and high are $0.01803 and $0.01842, respectively. Trading volume has decreased by 32%, indicating a dip in interest among traders.

Meanwhile, LUNC price has jumped 1% in the past 24 hours, with the price currently trading at $0.00008329. The 24-hour low and high are $0.00008159 and $0.00008396, respectively. However, trading volume has decreased 23% in the last 24 hours.

The community expects a significant recovery in prices after Binance LUNC burn and Tax2Gas implementation in July.

Also Read: Bitcoin Price To $65k Or $55k After US PCE Data? IMF Asks Fed To Delay Rate Cuts

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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