Cryptocurrency For investors, a nightmare period has begun in mid-2022. Terra was one of the triggers. Today was the hearing day and the decision was made for Terraform Labs. Do Kwon is still waiting for the last overturned return decision in Montenegro to be re-taken and to have it annulled. So what will happen to LUNA Coin? Here is a quick summary.
LUNA Coin and Terra
Terraform Labsreceived court approval for bankruptcy liquidation today. The institution, which agreed with the SEC, signed 3 basic conditions. These are the establishment of a liquidation trust and the orderly liquidation of the debtor. The SEC’s claim is fixed at $4.4 billion and the SEC’s claim is only satisfied after the refunds are made to the holders of the permitted general unsecured claims and crypto loss claims. This last clause means that the SEC cannot collect any penalty payments from this bankrupt company.
Todd Snyder will serve on the advisory board of 5. You can picture this in your mind’s eye with the FTX Bankruptcy Committee chaired by Ray. The Terraform Labs bankruptcy committee will implement the plan within 14 days.
How many dollars of assets does the company have? Assets are reported to be between $100 and $500 million. So what will happen to LUNA Coin? After the company went bankrupt, Do Kwon took out hundreds of millions of dollars from somewhere Terra If he says he will get the ecosystem back on its feet and this time he will not scam you, he will employ bright minds in his newly founded company to revive the Terra network and if he is successful, his star can shine again. So how realistic is this possibility?
LUNA Coin and even LUNC probably won’t be able to do anything but speculative movements during this period. Since I don’t see any reason for it to exist in the long term, it could turn into a meme coin at best. Or people can keep it in their wallets as a souvenir coin to remember the nightmare in mid-2022.
Below you can see the chart of VGX, the token of another bankrupt company, Voyager.
Of course, although current conditions are terrible for LUNA Coin, no one can give a 100% chance of anything because they cannot see the future.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
