- A global investor rights firm has announced the filing of a class action lawsuit on behalf of Terra token holders.
- The lawsuit alleges that Terra violated securities law provisions by selling non-exempt securities without registering it.
- Analysts predicted a breakout in LUNA 2.0 price as the altcoin reveals upside potential.
A law firm has launched a class action lawsuit on behalf of Terra tokens, including LUNA, UST and other tokens, MIR, Mirrored Assets and Liquidity Pool. Rosen Law Firm has invited affected Terra LUNA investors to join the class action lawsuit.
Also Read: Beware LUNA Holders: Terra Collapse Investigation Catches Investors Unprepared
Class action claims LUNA is a security
Rosen Law Firm, a global investor rights law firm, has announced the filing of a class action lawsuit on behalf of buyers of Terra tokens. Terra tokens include UST, LUNA, KRT, ANC, WHALE, ASTRO, APOLLO, XDEFI, MINE, aUST, vUST, MIR, Mirrored Assets (mBTC, mETH, mVIXY, mTSLA) and Liquidity Pool tokens. The lawsuit is filed against TerraForm Labs, Jump Crypto, Jump Trading LLC and others.
The company called on the token holders to move the court no later than August 19, 2022. According to the lawsuit, TFL and the defendants violated securities law provisions and sold non-exempt securities without registration.
The lawsuit argues that the defendants violated the provisions of the Exchange Act through a scheme whereby investors purchased Terra tokens at artificially inflated prices.
Home of Terra co-founder raided in South Korean cryptocurrency probe
South Korean authorities have opened an investigation into the Terra LUNA-UST crash, raiding 15 entities linked to the collapse of the algorithmic stablecoin. Authorities raided the home of Terra co-founder Daniel Shin and his company Chai Corp.
Shin is the latest actor to be raided by Korean authorities. After major cryptocurrency exchanges like Bithumb and Upbit, co-founders’ homes and offices were the next target for Korean authorities.
The price of LUNA 2.0 ready for the breakout
Analysts have assessed the price trend of LUNA 2.0 and predicted a breakout of the altcoin. Netcost-Security analysts believe LUNA price is ready to rally after hitting lows in the current trend. Therefore, LUNA 2.0 has more reason to burst than to collapse. For pricing tiers and key information, check out the following video:
