Terra Classic Community Claims Coinbase-Backed Karak Stole 200 Million USTC
LUNC News: Members of the terra luna Classic community are demanding 200 million USTC from the Coinbase and Pantera Capital-backed Karak Network, claiming that Karak co-founder Raouf Ben-Har stole millions worth of crypto assets.
Meanwhile, the community has made significant efforts to remove 93 million LUNC and 87 million USTC from the circulating supply in the Terra Shuttle Bridge (BSC) contract.
Terra Luna Classic Seeks 200 Million USTC
Terra Luna Classic developer RedlineDrifter has reignited rumors in the community about the missing 200 million USTC. He claims that Coinbase and Pantera Capital-backed Karak Network has failed to return $8 million worth of USTC belonging to the community.
RedlineDrifter noted that Karak Network co-founder Raouf Ben-Har was missing crypto assets dating back to his time operating under Risk Harbor. The Risk Harbor team has now been renamed Andalusia Labs. The Terra Luna Classic community is claiming that the Risk Harbor team used an administrator function to withdraw 200 million UST (now USTC).
The community member joined the BNB Chain X space, which includes Karak Network, Lista DAO, and Listapie, to ask about the missing 200 million USTC. The Terra Luna Classic community in particular burned 800 million USTC and was removed from the circulating supply.
“No user funds were touched. The Foundation sold the (eventually defunct) UST that the Terra Foundation minted and provided for pennies after reducing it to 0 per dollar, which will be carried to Karak. It’s that simple,” said Victor Cheng, CSO of Karak Network.
Also Read: LUNC Price Flashes Binance Buy Signal Continues Over 1 Trillion Stashed by LUNC
USTC and LUNC Price Performance
USTC price is trading 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 decreased by 32%, indicating a decrease in interest among traders.
Meanwhile, LUNC price is up 1% in the last 24 hours and is currently trading at $0.00008329. The 24-hour low and high are $0.00008159 and $0.00008396 respectively. However, its trading volume has decreased by 23% in the last 24 hours.
The community expects a significant improvement in prices following the burning of binance LUNC and the implementation of Tax2Gas in July.
Also Read: Will Bitcoin Price Go To $65K Or $55K After US PCE Data? IMF Asks Fed to Postpone Interest Rate Cuts
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