- The Terra Luna Classic community is raising questions regarding the return of 200 million USTC associated with the Karak Network, backed by Coinbase.
- Members allege that Karak Network co-founder Raouf Ben-Har improperly obtained these funds.
- Karak Network’s Chief Strategy Officer, Victor Cheng, has stated that no user funds were mishandled.
Discover the latest developments in the Terra Luna Classic community’s quest for answers regarding the missing 200 million USTC, including allegations and official statements.
Terra Luna Classic’s Pursuit of Missing 200 Million USTC
The Terra Luna Classic developer known as RedlineDrifter has stirred the community with claims that the Karak Network, supported by Coinbase and Pantera Capital, has failed to return 200 million USTC, valued at around $8 million. This issue traces back to transactions by Karak Network co-founder Raouf Ben-Har, formerly associated with Risk Harbor, now operating under Andalusia Labs.
The Terra Luna Classic community alleges that the Risk Harbor team utilized an administrative function to withdraw 200 million USTC. Community members have actively engaged in discussions on BNB Chain X spaces with parties like Karak Network, Lista DAO, and Listapie to demand transparency and accountability.
Karak Network’s Official Position
Victor Cheng, CSO at Karak Network, has publicly addressed these concerns by assuring that user funds were never affected. According to Cheng, the UST in question was sold by the foundation, which minted and provided these funds before its dissolution, with the proceeds transitioning to Karak Network. He emphasized the legitimacy of these transactions, distancing the network from any allegations of misuse.
Market Reaction and Community Sentiment
Despite the ongoing allegations, the Terra Luna Classic community has made notable efforts to sustain the ecosystem by removing substantial amounts of LUNC and USTC from circulation. They have succeeded in burning 93 million LUNC and 87 million USTC, demonstrating a proactive approach to stabilizing the market.
The focus now shifts to how these allegations and subsequent clarifications will impact market confidence and the future actions of the Terra Luna Classic community. Continued vigilance and transparency from both Karak Network and community leaders will be crucial.
Price Movements of USTC and LUNC
As of the latest figures, USTC is trading at $0.01808, a slight dip of 1% over the past 24 hours, with a trading range between $0.01803 and $0.01842. This decline is coupled with a 32% decrease in trading volume, indicating a waning interest from traders.
LUNC, on the other hand, has experienced a 1% rise in the last 24 hours, currently priced at $0.00008329. However, it’s worth noting that its trading volume has also dropped by 23% during the same period. The community is optimistic about a potential price recovery following Binance’s LUNC burn and the upcoming Tax2Gas implementation.
Conclusion
The Terra Luna Classic saga involving the disputed 200 million USTC highlights the need for robust governance and transparency in crypto networks. While the community remains active in ensuring the stability of their assets, the responses from Karak Network and detailed scrutiny from members signify a vigilant ecosystem. Stakeholders now await further developments and hope for fortifying the community’s trust and market performance.
