1. Blast has distributed 10 million Blast Gold to BIG BANG winners and mainnet Dapps

OKX market data shows LUNA has broken through 1 USDT and is currently trading at 1.0457 USDT, with a 24-hour increase of 11.52%. Earlier news reported that Do Kwon, co-founder of Terra, has been released and is awaiting extradition decisions from the Supreme Court.

According to a recent report by AlphaQuest Research, the Terra and Cardano ecosystems are among the top 10 categories with the most dead coins, with 74% of projects in the Cardano ecosystem being "inactive". The report states that nearly 60% of inactive tokens will disappear between 2020 and 2023. After analyzing over 12,000 cryptocurrency projects, AlphaQuest reveals that most of these cryptocurrencies have either been delisted from CoinMarketCap, have low liquidity and trading volume, or have deactivated Twitter accounts and websites.

Do Kwon, the founder of Terra, has requested a delay in his trial against the Securities and Exchange Commission (SEC) so that he can attend. His extradition proceedings from Montenegro have been delayed, and he is wanted in the US, South Korea, and Singapore to face accusations of mass fraud. The SEC claims that four of Kwon's crypto assets were unregistered securities, including TerraUSD and Luna, which had long-lasting effects on the market. Kwon's lawyers deny the claims, and he has expressed a desire to be extradited to South Korea instead of the US, but the local court will ultimately decide his next destination.

Terra announced that the surge in trading activity yesterday caused network congestion. The TFL core team has implemented two independent solutions: first, working with Terra validators to increase the minimum gas fee required to execute transactions, thereby suppressing spam; second, the TFL core team has deployed a non-consensus interruption patch to Terra validators to reduce the number of invalid transactions in a given block. To alleviate similar problems in the future and avoid manual intervention during periods of severe network congestion, the core team is exploring a dynamic fee model that will adjust Terra's minimum gas fee to respond to fluctuating network demand.

According to official sources, the Terra (Luna) chain's Rune protocol has launched Free Mint. It is reported that LunaRune is the Terra (Luna) chain's Rune protocol, with the protocol name Luru-20. The first batch of minted runes is LURU, with a total of 4.2 million cards, each with 1,000 pieces. The LunaRune protocol includes the Cosmos ecological full-chain rune platform and the Rune BTC L2 network based on IBC. In addition, 30% of the protocol's market revenue will be evenly distributed to LURU holders.

Terra has released a tweet stating that Terraform Labs is not involved in Mint Cash in any capacity.

The US Securities and Exchange Commission (SEC) has begun an investigation into whether Jump Crypto CEO Kanav Kariya signed a secret agreement with Do Kwon of Terraform Labs during the collapse of stablecoin TerraUSD. As part of the SEC's civil lawsuit against Terraform Labs, SEC lawyer Devon Staren dismissed Kanav Kariya in August, stating that Kwon and Kariya signed an agreement on May 23, 2021 (a few weeks after UST decoupled), in which Jump would help restore the UST peg by purchasing tokens. In exchange, Kwon allegedly agreed to modify Jump's LUNA loan agreement and cancel the exercise conditions. Kanav Kariya declined to answer the question.

According to South Korean media reports, Han Chang-joon, the former CFO of Terra, had split from Do Kwon due to work in 2020. The reason for the crash of Terra and Luna was due to the separation of Do Kwon and the unreasonable operation of Anchor Protocol, as well as external factors, and has nothing to do with Han Chang-joon.

Citadel Securities stated in response to court documents submitted by Terraform Labs earlier this month that it has nothing to do with the decoupling of the stablecoin UST in 2022. In refuting Terra's motion to compel, Citadel claimed that Terra was attempting to "shift" the accusation of colluding with Jump Trading to "boost asset prices" and force an absurd conspiracy theory. Citadel requested that the court dismiss Terraform's motion to compel, stating that it only participated in two test trades with a total value of approximately $0.13 and therefore did not cause the decoupling.

Terra's cryptocurrency LUNA faced a decline in popularity and bearish indicators in June, which continued into Q3 despite promising developments and governance updates. The release of Warp Protocol, plans to go interchain, and the passing of two governance proposals in Q2 did not prevent LUNA's price from plummeting due to negative sentiment and declining social volume. As Terra's Open Interest rises, the declining trend may persist. 

Terraform Labs is facing obstacles in the development of its projects due to frequent accusations, according to the new interim CEO Chris Amani. Amani discussed the challenges ahead for Terra in a recent Twitter Spaces event, noting that the accusations against former CEO Do Kwon have disrupted the company's momentum.

Binance, the world's largest cryptocurrency exchange, has announced its support for the Terra (LUNA) Phoenix v2.4 software upgrade. The upgrade is expected to take place on July 18 at 13:00 UTC and Binance will suspend LUNA deposits and withdrawals an hour before the upgrade.

The Terra Luna Classic community has voted to increase the LUNC burn tax due to the falling price of LUNC. Despite rejecting previous proposals, Terra Classic influencers have hinted at plans to restore the LUNC burn tax to its initial level in June. However, Binance CEO "CZ" may need to be convinced as Binance has warned to revoke its LUNC burn mechanism. Binance has now added support for LUNA and Terra Classic on its platform to meet the growing demand for cryptocurrency trading.

Do Kwon, co-founder of Terraform Labs, has entered a plea of not guilty in a Montenegrin court after being charged with forging his passport and travel documents. Kwon and his former colleague, Chang-joon Han, were arrested at the airport in Podgorica while attempting to travel to Dubai. Their lawyer has requested bail at €400,000 each and proposed house arrest in Montenegro. Kwon is currently under investigation in the U.S. and South Korea, and if found guilty of falsifying his documents, he may have to serve his prison sentence in Montenegro before being extradited. Meanwhile, Terraform's co-founder Shin has been charged with violating capital markets law in South Korea, fraud, and embezzlement in connection with the crash of TerraUSD and Luna. South Korean prosecutors have frozen assets worth approximately $184.7 million tied to Shin and other individuals, and his first trial is scheduled for May 26, 2023. South Korean prosecutors believe that investigating the case in South Korea is the most effective way to bring justice, as most key accomplices and evidence linked to the Terraform incidents are based there. This week, South Korea also froze assets and properties worth $176 million belonging to Kwon, another individual involved in the case, and a South Korean court has banned the sale of Kwon's house, cars, and financial assets, including cryptocurrencies on cryptocurrency exchanges.

Do Kwon, co-founder and former CEO of Terraform Labs, has had over $176 million worth of personal assets frozen as part of ongoing criminal proceedings. The Chief Judge of the 12th Criminal Division of the Seoul Southern District Court has prohibited the sales of Kwon's apartment complex, officetel, and imported cars, as well as the disposition of his financial assets. Kwon was arrested in March and charged with falsifying documents, and both South Korean and U.S. authorities are seeking his extradition. Prosecutors allege that Kwon converted illicit funds from LUNC to Bitcoin and have identified $314.2 million in illicit assets.

the LUNA network, which is part of the LUNA ecosystem, has upgraded its testnet to version 2.0.0. The upgrade includes a range of new features and improvements, including enhanced security and performance, as well as new tools and resources for developers.

After the arrest of Do Kwon in Montenegro, an active investigation was launched against him and other Terra employees. Let’s look at a few new details.

Do Kwon, the co-founder and CEO of Terraform Labs, has asked for the dismissal of the charges against him by the SEC, arguing that the agency's claims are invalid and that Terra's tokens and projects do not specifically target US investors. Kwon's counsel also claimed that the agency lacked proper jurisdiction to bring charges against Kwon and Terraform Labs. A South Korean court recently dismissed security violation charges against Terraform Labs co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea's Capital Markets Act, making Kwon's motion right only in connection to LUNA. However, Kwon faces allegations in Seoul related to the transfer of over 10,000 Bitcoin from the Terra platform and Luna Foundation Guard to a cold wallet, later converted to fiat. The amount transferred is approximately $100 million, verified to have been dispersed in various locations.

The legal team defending Do Hyeong Kwon, co-founder of Terraform Labs, has argued that the U.S. Securities and Exchange Commission (SEC) has no jurisdiction in the matter of the lawsuit filed against Kwon. Kwon's lawyers claim that U.S. law precludes regulators "from using federal securities law to assert jurisdiction over the digital assets in this case." Kwon faces charges of leading a multibillion-dollar crypto-asset securities fraud filed by the SEC in mid-February 2023, but his lawyers have filed a motion to dismiss the lawsuit, citing the SEC's definition of digital assets as securities is far from clear.