The post <a href="https://coinpedia.org/news/terraform-labs-bankruptcy-hearing-sparks-luna-and-lunc-price-rally/">Terraform Labs Sparks LUNA and LUNC Price Rally with Key Hearing Date</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
LUNA and LUNC prices briefly moved upward following a crucial announcement from Terraform Labs. LUNA is trading at $0.3289, reflecting a 0.50% increase, while LUNC climbed 2% to $0.000082. The surge in trading volume suggests growing interest among traders as the company prepares for significant developments. 
But what’s causing the surge today? Read on. 
<h2 class="wp-block-heading" id="h-terraform-labs-sets-september-19-for-bankruptcy-hearing">Terraform Labs Sets September 19 for Bankruptcy Hearing</h2> 
Terraform Labs (TFL), the company behind the Terra ecosystem, <a href="https://drive.google.com/file/d/18mBtei8mPNfqUtRKHUSyHGI_wPl55gTH/view" target="_blank" rel="noreferrer noopener nofollow">revealed </a>that the Chapter 11 bankruptcy hearing for Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) is scheduled for September 19 at 10:00 AM ET. This hearing marks a pivotal step in the company’s reorganization plan, which has been in progress since the <a href="https://coinpedia.org/news/breaking-news-terraform-labs-files-for-bankruptcy/" target="_blank" rel="noreferrer noopener">Chapter 11 filing in January</a>. The firm previously reached a $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) in June. 
Shuttle Bridge Reopening and Token Burn 
As part of its reorganization, Terraform Labs will reopen the Shuttle Bridge, allowing users to redeem wrapped assets on <a href="https://coinpedia.org/price-prediction/terra-classic-lunc-price-prediction/">Terra Classic</a>. After a 30-day redemption period, tokens in TFL and Luna Foundation Guard (LFG) wallets will be burned. Any unclaimed crypto assets will be permanently removed. This move is expected to positively impact LUNA and LUNC prices by reducing the supply, which could boost market sentiment. 
<h2 class="wp-block-heading" id="h-market-reaction-and-trading-trends">Market Reaction and Trading Trends</h2> 
Following the announcement, <a href="https://coinpedia.org/price-prediction/terra-classic-lunc-price-prediction/" target="_blank" rel="noreferrer noopener">LUNA’s price</a> jumped 2% momentarily, with trading volumes increasing by 17%, indicating renewed interest among traders. Similarly, LUNC saw a 2% rise, and trading volumes spiked by 38%, suggesting that investors are reshuffling their positions amid a broader crypto market selloff. The reopening of the Shuttle Bridge and the token burn could provide further support for these price increases in the near term. 
<h2 class="wp-block-heading" id="h-gemini-s-delisting-of-terra-luna-classic">Gemini’s Delisting of Terra Luna Classic</h2> 
In related news, Gemini will delist Terra Luna Classic (LUNC) starting September 20. Users will no longer be able to trade LUNC on the platform and are advised to withdraw their LUNC to external wallets. This decision follows a reassessment of listed assets, leading to confusion in the crypto community over whether the delisting refers to LUNC or wLUNA, as Gemini used both terms without clear distinction. 
Also Check Out: <a href="https://coinpedia.org/news/binance-delisting-news-major-cryptos-dropped-amid-market-efficiency-drive/" target="_blank" rel="noreferrer noopener">Binance Delisting News: Major Cryptos Dropped Amid Market Efficiency Drive</a> 
What are your predictions for the future of Terra Classic LUNC?

Terraform Labs Sparks LUNA and LUNC Price Rally with Key Hearing Date

Table of Contents

CoinPedia News

Other articles published on Aug 21, 2024

VanEck Continues Bitcoin Purchases Despite Market Fluctuations

Kamala Harris To Back Crypto Market Following DNC Policy’s Heavy Backlash

Earn $62.5 Just by Scanning Your Eyes! Find Out How with Worldcoin’s Latest Update!

Bitcoin Gains Dominance in the Cryptocurrency Market

Kamala Harris Capital Gains Tax Proposal Puts Bitcoin and Crypto In Pressure

Solana funds face a record $39 million outflow as investors grow concerned

Join our free newsletter for daily crypto updates!