Who owns the most classic Terra crypto?
LUNA Classic (LUNCH) is the original Terra LUNA coin that survived the Terra Luna collapse followed by the hard fork: the emergence of the new Terra 2.0 chain and the rebranding of the old coin. Terra is the name of the new chain, while LUNA Classic (LUNC) is the original coin of the original Terra LUNA network.
Who are the largest holders of LUNC and how high is the concentration of terra classic whales? Here we take a look at LUNC’s circulating supply and who owns the most Terra Classic crypto.
What is Terra Classic (LUNC)?
The old luna coin was part of a dual-token system alongside Terra’s sister token, the US dollar-pegged stablecoin Terra USD (UST). The Terra ecosystem was developed by South Korea-based Terra Labs, founded by Do Kwon, a former computer science student at Stanford University.
Terra USD was an algorithmically stable coin, meaning it was tied to the US dollar by algorithms and game theory, using a series of smart contracts.
The old luna played an important role in stabilizing the UST price and minimizing market volatility. It was used for network fees, governance, to maintain the proof-of-stake (PoS) consensus mechanism and coining.
The dual-token system involved a mechanism to create a new UST the same amount of LUNA in dollars was burned. Therefore, $1 in LUNA can be exchanged for one UST coin, and vice versa.
In early May 2022, the Terra Luna cryptocurrency suffered a price collapse when UST lost its link. The so-called “black swan” event caused LUNA to fall from a high of $119.18 on April 5th to a low of $0.00001675 on May 13th.
When UST was depegged from the USD on May 9, UST redemptions massively inflated the LUNA supply, driving the price down by 99%. The UST crash occurred when the algorithms failed to keep up, forcing Luna Foundation Guard and its management team to sell their bitcoin (BTC) reserves to save the stablecoin.
This resulted in the sharp decline in the price of LUNA. Numerous cryptocurrency exchanges, including Binance (BNB), removed their Luna and UST pairings after the crash sent shockwaves through cryptocurrency markets.
As part of Kwon’s revival plan, the Terra blockchain underwent a hard fork, and the old LUNA token was renamed Terra Classic (LUNC). Meanwhile, a new token was created, which took the name LUNA.
Who owns the most Terra Classic crypto?
In accordance CoinMarketCap data, as of September 23, LUNC’s supply was limited to 6.9 trillion LUNC tokens, with a circulating supply of 6.15 trillion coins. LUNC traded at $0.0002707 and had a market capitalization of $1.66B at the time of writing (September 23).
Also, the data suggested that there were 11,782 active wallet addresses for LUNC as of September 23rd, up 14.27% from 10,310 on June 24th.
Who owns the most Terra Classic crypto? According to the data from Luna Rich ListAs of September 23, TerraForm Labs was the largest terra classic holder, with a balance of 432.71 million LUNC tokens.
The second largest wallet contained 67.48 million tokens, but the owner’s identity was anonymous. It could be Do Kwon or another insider. But there is no evidence to say who it is.
With a balance of 29.23 million coins, cryptocurrency exchange Binance was the third largest wallet holder of terra classic tokens.
Coinone, a cryptocurrency exchange based in South Korea, was ranked 35th among the top 100 wallet holders, with 1.54 million tokens. Finally, the Huobi exchange had 381,228 tokens.
Terra Classic crypto news and the way forward
On May 13, the Terra Classic token fell to an all-time low of $0.000001675. As of September 23, the price jumped to $0.000271. However, it is still trading more than 99.99% below its all-time high.
When investors lost money in UST and LUNA, Do Kwon was charged with violating the Capital Markets Act with South Korean police issuing an arrest warrant. At the moment (September 23), Do Kwon’s current whereabouts are unclear. South Korean police are reportedly asking Interpol to issue a “red notice” for him, according to police Financial Times.
On Saturday, the Singapore Police Force verified to the press that Kwon was no longer in the city-state. Kwon was previously believed to be in Singapore.
Do Kwon posted in his defense on Twitter that he is not on the run, is cooperating fully with the police and has nothing to hide.
We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months
— Do Kwon ???? (@stablekwon) 17 September 2022
He too mentioned: “You have no right to know my GPS locations unless we are friends, have appointments to meet, or participate in a GPS-based Web3 game.”
The bottom line
While it is important to be aware of who owns the most LUNC, it should not be used as a substitute for your own research. Remember that cryptocurrency markets are highly volatile.
Always do your own due diligence before trading, looking at the latest news, technical and fundamental analysis and a wide range of analyst commentary.
Remember that past performance does not guarantee future returns. And never trade money you can’t afford to lose.
Common questions
Who owns Terra?
According to the data from Luna Rich ListAs of September 23, TerraForm Labs was the largest terra classic holder, with a balance of 432.71 million Terra Classic tokens.
Who founded Terra crypto?
Terraform Labs, which developed Terra crypto, was founded in 2018 by Do Kwon and Daniel Shin in Seoul, South Korea. Terraform Labs released its first cryptocurrency token, LUNA, in July 2019.
Is Terra built on Ethereum?
No, Terra uses the Cosmos SDK, a platform that enables developers to build unique blockchains and decentralized apps (dApps).
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