- Terraform lawsuit vs Jane Street puts Terra Classic (LUNC) in focus.
- Terra Classic (LUNC) shows technical resilience, eyeing $0.00003925 short-term.
- 2026 price range is expected to be between $0.0000242 and $0.000510.
The price of Terra Classic (LUNC) has been under the spotlight as legal tensions surrounding its parent company, Terraform Labs, continue to unfold.
Investors are watching closely after news emerged that the administrator overseeing the wind-down of Terraform Labs has sued trading firm Jane Street.
The lawsuit alleges the trading firm used non-public information from Terraform insiders to profit ahead of the collapse of TerraUSD in May 2022.
This legal move adds a new layer of uncertainty for LUNC holders.
Many remember that the original Terra blockchain was rebranded as Terra Classic after the collapse, while a new Terra 2.0 network was launched.
LUNC now trades at around $0.00003509, down roughly 46% over the past year, with a circulating supply of approximately 5.47 trillion coins.
Jane Street charges
The lawsuit centres on allegations that Jane Street gained access to confidential data through back channels.
This allegedly allowed the firm to strategically withdraw significant amounts of UST from liquidity pools just minutes after Terraform executed internal moves.
The complaint claims these trades contributed to the broader collapse of the stablecoin and accelerated losses for Terraform’s creditors.
Jane Street has denied the allegations, calling the claims baseless and emphasising that the market turmoil was driven by internal mismanagement within Terraform.
Legal observers note that the case could have implications not only for the firms involved but also for market perception around LUNC and other related assets.
LUNC price analysis
Despite its turbulent history, LUNC has shown some resilience.
The coin has been trading in a range of $0.0000343 to $0.00003516 over the past 24 hours, reflecting a small degree of stability.
Analysts like For-Exx Kripto note that the coin has remained inside a flag formation, though the pattern recently experienced a slight break.
This break could have signalled a sharp decline, yet LUNC did not fall dramatically.
This can be interpreted as a bullish signal in the short term, suggesting that a price attempt toward $0.00003925 could be on the horizon.
While the coin remains far from its historical highs, such technical patterns provide hints about potential upward momentum despite broader market challenges.
Trading volume has also been modest, with about $8.9 million changing hands in the last 24 hours.
Terra Classic price prediction
Looking ahead, analysts project that LUNC could trade within a wide range in 2026.
The minimum expected level is around $0.0000242, while the maximum target could reach $0.000510 by the end of the year.
Key levels to watch include support near the $0.000024 mark, which may act as a floor in case of market weakness.
Resistance lies around $0.000510, representing a potential upside target for traders seeking gains.
Short-term moves toward $0.00003925 could also provide intermediate targets, especially if the market reacts positively to technical signals or news from ongoing legal developments.
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- James Howell has been trying to get his lost hard drive back for 10 years
- Howell mined 8,000 Bitcoin on his laptop after learning about Bitcoin in 2009
- The council have denied Howell’s requests to dig due to “environmental concerns”
A 39-year-old man is suing Newport City Council for $646 million (£495,314,800 million) in damages after losing his hard drive at a recycling center containing 8,000 Bitcoin.
James Howell accidentally threw out his hard drive in 2013 during a household clearout. According to WalesOnline, Howell had two hard drives of the same size. One was blank, while the other contained his Bitcoin.
He mistakenly put the one containing the Bitcoin into a black bin bag, which his then-girlfriend took to the tip. At the time of his loss, his Bitcoin was worth around $1.3 million (£1 million). However, within three months, their value had risen to around $11.7 million (£9 million).
Howell has reached an agreement, leaving him with 30% of his Bitcoin if the hard drive is found. The remaining would be split between his backers, the recovery team, and the council.
Howell states that despite meeting a representative of the council in 2013, he’s been “largely ignored.”
“I’m still allocating 10% of the value for the council even though they have been problematic throughout,” he said. “That would be £41m based on today’s rate but in the future, it could be hundreds of millions.”
Environmental concerns
A court filing states that Howell’s hard drive is located in Cell 2- Area 2 of the Docksway landfill.
If the hard drive is located, the dig would take around 18 to 36 months followed by 12 months of remediation work. Yet, despite promises to safely excavate the Newport site and to modernize the landfill, the council have rejected Howell’s requests to dig due to “environmental concerns.”
Howell’s lawyers claim that the council have “simply ignored” that 10% of Bitcoin could bring “a huge and desperately needed investment in the local community.”
Lawyers for the council argue that the hard drive belongs to the council because it was dumped at the tip. However, Howell’s lawyers deny this, claiming that the hard drive was never intended to be thrown away.
Howell said he didn’t want to go to court, but “this is the final shot.”
The case is expected to be heard in December.
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Celsius Network Ltd. has filed a lawsuit against Tether and its affiliated entities. The lawsuit alleges that the USDT issued conducted “fraudulent” and “preferential” transfers of Bitcoin (BTC) amounting to over $2 billion today. The complaint, lodged in federal bankruptcy court, seeks to reclaim the collapsed estate’s lost Bitcoin due to Tether’s actions during a critical period leading up to the firm’s bankruptcy.
Celsius’ Allegations Against Tether
Celsius, a prominent crypto lender, entered into a loan agreement with Tether Limited in 2020. This arrangement allowed the lender to borrow stablecoins, specifically Tether (USDT) and Euro Tether (EURT), at low-interest rates. In return, the crypto lender posted substantial collateral, including Bitcoin, to secure these loans.
At its peak, the firm had borrowed nearly $2 billion in USDT from Tether, backed by tens of thousands of Bitcoin. The lawsuit focuses on actions taken by Tether during the ninety-day period before Celsius filed for bankruptcy on July 13, 2022.
According to the complaint, the USDT issuer demanded and received significant amounts of new collateral from the crypto lender. This totaled 15,658.21 Bitcoin, and further secured new borrowings with an additional 2,228.01 BTC. These actions, characterized as “Preferential Top-Up Transfers” and “Preferential Cross-Collateralization Transfers,” are claimed to have unfairly improved Tether’s position at the expense of other creditors.
Preferential Application Transfer & Breach of Contract
On June 13, 2022, Tether issued a final demand for additional collateral. The crypto lender, in accordance with their agreement, had ten hours to respond. However, stablecoin issuer proceeded to apply the entirety of Celsius’ collateral, i.e., 39,542.42 BTC immediately, without granting the contractually stipulated time.
This action, referred to as the “Preferential Application Transfer,” allegedly allowed Tether to cover its exposure. However, the bankrupt crypto lender was “robbed” of its remaining BTC at a low market value.
Moreover, the lawsuit argues that Tether’s breach of the contract’s 10-hour waiting period resulted in a “fire sale” of the now-bankrupt estate’s Bitcoin, with all 39,542.42 Bitcoin applied against Celsius’ outstanding debt. Tether’s valuation of BTC at $816.82 million is significantly less than its current worth of more than $2 billion.
This caused substantial financial damage to thr crypto lender. The court filing dated August 9 states that Tether sold this Bitcoin at an average price of $20,656.88 each, notably below the market closing BTC price of $22,487.39 on that date.
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: 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.
The US Securities and Exchange Commission (SEC) has intensified its legal battle with the crypto industry by filing a lawsuit against ConsenSys, a blockchain firm known for its MetaMask wallet product and its focus on the Ethereum network.
The SEC alleges that ConsenSys violated federal securities laws by operating as an unregistered broker and dealer while offering services for “crypto securities,” amassing fees exceeding $250 million.
SEC Lawsuit Against ConsenSys
The SEC’s lawsuit against ConsenSys echoes similar complaints against other crypto firms such as Coinbase and Kraken. However, what sets this lawsuit apart is the context surrounding ConsenSys’ response to the SEC’s actions.
In April, ConsenSys filed a lawsuit against the SEC after receiving a Wells notice seeking clarity on whether Ethereum should be classified as a security. Just recently, ConsenSys announced the closure of the SEC’s “Ethereum 2.0” investigation, interpreting it as an indication that Ethereum fell outside the agency’s jurisdiction.
Notably, the SEC did not name Ethereum as one of the unregistered securities offered by ConsenSys in Friday’s filing, which may have led to the approval of the Ethereum ETF applications by the world’s largest asset managers on May 23.
Crypto Industry’s Regulatory Battle
ConsenSys, founded by Joseph Lubin, one of Ethereum’s developers, distinguishes itself from previous SEC targets. Rather than operating as an exchange, ConsenSys focuses on software development, including the MetaMask digital wallet.
The SEC’s lawsuit argues that the firm violated securities laws by enabling the “swapping” of crypto assets through MetaMask. Particularly, the agency has targeted Ethereum staking services, namely Lido and Rocket Pool, alleging that their tokens, stETH and rETH, respectively, are unregistered securities.
The SEC further claims that ConsenSys facilitated over 36 million crypto asset transactions, including at least 5 million involving what the agency deems to be securities.
Previously, the SEC had brought similar charges related to staking against Kraken, resulting in a $30 million settlement, while Coinbase has contested the charges.
While the new SEC complaint against the blockchain firm does not classify Ethereum as a security, it represents another front in the SEC’s ongoing campaign against major players in the crypto industry.
Many within the crypto community may view this as a partial victory, given the absence of Ethereum’s inclusion as an unregistered security. However, the lawsuit further highlights the regulatory uncertainties surrounding the industry’s top companies.
ConsenSys, currently engaged in an ongoing lawsuit against the SEC in Texas, criticized the agency’s actions, accusing it of pursuing an “anti-crypto agenda” through arbitrary enforcement actions and regulatory overreach.
At the time of writing, ETH was trading at $3,777, down 2.3% in the past 24 hours as the crypto market continues to experience significant selling pressure.
Featured image from DALL-E, chart from TradingView.com
- SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
- Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
- The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.
The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.
Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.
Let’s delve into the details of these developments.
SEC’s charges against Geosyn Mining and its co-founders
According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.
According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.
Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.
The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.
Bitbot: a Telegram bot revolutionizing crypto trading
While the U.S. SEC goes after Geosyn Mining LLC, Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.
Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.
The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.
Bitbot presale nears $3 million
In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.
Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.
Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.
$BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.
Conclusion
SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.
As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.
- Consensys recently received a Wells notice from the SEC for its MetaMask product.
- Consensys aims to defend Ethereum’s status as a commodity.
- The company also challenges SEC’s authority over cryptocurrencies.
Consensys, a prominent Ethereum developer, has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) over what it deems as an “unlawful seizure of authority” concerning Ethereum (ETH).
The lawsuit, filed in the District Court for the Northern District of Texas, marks a significant move in the ongoing battle between crypto firms and regulators.
Consensys disputes Ethereum’s classification
At the heart of the dispute lies the classification of Ethereum (ETH) as a security.
Consensys asserts that ETH should not be considered a security and contests the SEC’s investigation into its MetaMask wallet product based on this classification. The company argues that MetaMask, a widely-used wallet interface, does not operate as a securities broker under federal law.
Consensys recently received a Wells notice from the SEC, indicating the regulator’s intent to take enforcement action against the company for alleged securities law violations through its MetaMask product. However, the compnay denies these allegations, stating that MetaMask merely provides an interface and does not hold customers’ digital assets or conduct transactions.
Potential impact on Ethereum Network
Consensys warns that the SEC’s assertion of authority over Ethereum could have detrimental effects on both the Ethereum network and Consensys itself.
The company argues that the SEC’s actions contradict past statements regarding Ethereum’s classification as a commodity rather than a security. Moreover, Consensys highlights the regulatory consensus that has shaped its business operations and expresses concerns about the implications of the SEC’s new stance.
In recent months, the SEC has intensified its scrutiny of the crypto industry, targeting exchanges and companies alike and Consensys joins other industry players in seeking legal recourse to block the SEC from treating certain cryptocurrencies or companies as securities.
The lawsuit against the U.S. SEC reflects the growing tension between crypto firms and regulators, with implications extending beyond individual companies to the wider crypto community.
As the legal battle unfolds, the outcome could significantly influence the regulatory landscape for Ethereum and other cryptocurrencies.
Detained Binance executive Tigran Gambaryan has filed a lawsuit against Nigeria’s National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC).
According to reports for local media outlets, Gambaryan sued the NSA on March 28 for an alleged violation of his fundamental human rights seeking five major reliefs from the court. This comes on the back of the arrest and detention of two Binance executives by the Nigerian government.
Represented by his lawyers in Aluko and Oyebode, he approached a Federal High Court in the nation’s capital seeking relief. Bothering on human rights, his lawyers argued the seizure of his international passport was against his constitutional and personal liberty.
He urged the court to grant a return of his passport and immediate release from custody after over three weeks. Furthermore, he sought an injunction against future detention in similar investigations and a public apology from the NSA and EFCC. Finally, he asked the court for the cost of the action on full indemnity.
Gambaryan Recounts Ordeal
He noted that he is an American citizen who came to Nigeria with his colleague on Feb 26 following an invitation from the NSA and EFCC to discuss developing issues regarding Binance in the county.
Maintaining his innocence, he stated that did no wrongdoing at the meeting and neither was he informed of any crime before his arrest.
“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” his lawyers said.
Similarly, Nadeem Anjarwalla who escaped from custody filed a suit on rights enforcement through his lawyers.
Binance Woes in Nigeria
The Nigerian government alleged that Binance P2P for the naira had an impact on the country’s local currency. This year, the naira was on a free fall losing significant value. The government also alleged three platform’s use in money laundering activities. In reaction, Binance sent executives to negotiate at the government’s request and delisted the NGN P2P options.
Following the arrest of the two executives, the digital asset community has urged the Nigerian government to release both men as events continue to put the sector in a bad light. The Kenyan Blockchain Association met the Nigerian High Commission demanding the release of Anjarwalla. The Nigerian government subsequently filed tax evasion charges against Binance.
Read Also: Ripple Legal Woes Could Drain XRP Holders, Expert Claims
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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