April

Terra

Giant

Status

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/terraform-labs-restricts-services-for-us-users/" data-wpel-link="internal">Terraform Labs Restricts Services for US Users</a><br></p>
<p style="text-align: justify">Terraform Labs announced that it might receive a court order to halt certain operations following a request by the US Securities and Exchange Commission (<strong><a href="https://en.coin-turk.com/understanding-cryptocurrency-investors-a-study-by-hong-kong-investment-commission/" data-wpel-link="internal">SEC</a></strong>) to restrict the company’s activities. The company will limit access to specific products and services for US-based users.</p> 
<h2 style="text-align: justify" id="blockchain-giant-terraform-labs-takes-steps-for-us-users">Blockchain Giant Terraform Labs Takes Steps for US Users</h2> 
<p style="text-align: justify"><a href="https://coin-turk.com/web3-oyun-sirketi-immutabledan-oyun-platformlarina-yonelik-adim-transak-ekosisteme-dahil-edilecek" data-wpel-link="internal">Blockchain</a> giant Terraform Labs stated on Thursday that it expects a court decision soon in its legal battle against the SEC, and will restrict access to some services for US-based users. The cryptocurrency LUNA has recorded a 2.25% drop since Monday.</p> 
<p style="text-align: justify"><strong>Terraform Labs</strong> recently announced that it has decided to change liquidity provision and access to Terraform Labs (TFL) products in certain jurisdictions.</p> 
<p style="text-align: justify">It is known that the SEC has filed enforcement actions against Terraform Labs and its founder Do Kwon, demanding a $5.3 billion fine due to the firm’s role in the $40 billion collapse of the Terra ecosystem in 2022.</p> 
<h2 style="text-align: justify" id="company-states-it-has-no-other-choice">Company States It Has No Other Choice</h2> 
<p style="text-align: justify">Terraform Labs warned that the court might impose a “behavior-focused preliminary injunction,” and will restrict access to some products and features for US-based users in the coming weeks.</p> 
<p style="text-align: justify">The company expressed opposition to geographical blocking but stated it has no other option under current conditions. It emphasized that open-source projects like Terra <a href="https://en.coin-turk.com/opera-launches-stablecoin-wallet-for-users-in-africa/" data-wpel-link="internal">Blockchain</a> and Alliance will not be affected.</p> 
<p style="text-align: justify">Terraform Labs also announced that it will withdraw liquidity from its positions as required by the court order starting April 26. This withdrawn LUNA will be held in a multisig wallet during bankruptcy proceedings.</p> 
<h2 style="text-align: justify" id="current-status-of-luna-price">Current Status of LUNA Price</h2> 
<p style="text-align: justify">This week, we see the cryptocurrency LUNA trading at $0.6245, down 2.25%. LUNA inevitably experiences fluctuations during this turbulent period. The price had risen to $1.55 in March, but subsequently, there has been a decline of over 60% in LUNA’s price due to the downturn in the cryptocurrency world and the ongoing legal process mentioned above.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-344938 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/luna-usdt-coin-turk-com.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">The cryptocurrency LUNA’s price is far from its $10 peak. The ongoing lawsuit with the SEC could make recovery difficult for LUNA’s price. This situation inevitably poses a risky scenario for investors waiting for a turnaround in LUNA’s price.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/terraform-labs-restricts-services-for-us-users/" data-wpel-link="internal">Terraform Labs Restricts Services for US Users</a></h5>

Terraform Labs Restricts Services for US Users

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