Following the implosion of the old Terra blockchain (now codenamed Terra Classic), Terraform Labs moved to an entirely new chain codenamed Terra 2.0, creating a new digital currency (LUNA 2.0) in the process.

Class action lawsuit Albright v. Terraform Labs, Pte. Ltd. et al. filed in the Southern District of New York Court has been voluntarily dismissed on Monday. The class action filed in August against Terraform Labs, Do Kwon, and affiliates accused the defendants of falsely promoting, manipulating, and offering TerraUSD (UST) stablecoin and Terra (LUNA).

Su Zhu, the man behind Three Arrows Capital, has put forth alleged a rather concerning conspiracy regarding Terra’s collapse in mid 2022. The conspiracy involves bankrupt crypto exchange FTX and the Digital Currency Group. 

Su Zhu, a co-founder of the bankrupt fallen hedge fund Three Arrows Capital, launched a tirade on Twitter over the Terra collapse. Zhu blamed the Digital Currency Group and FTX for working together to attack Terra’s LUNA token and stETH. The latter incident cascaded into 3AC becoming insolvent.

Last year witnessed some of the most dramatic collapses in the history of crypto. It all started with the first collapse of Terra’s (LUNA) ecosystem in May 2022 which eroded $40 billion of investors’ wealth in a week’s time.

Bear markets are a time for investors to reassess their goals and strategies, and to learn more about the cryptocurrency industry.

It’s being alleged that, SBF’s Alameda possibly hired a Twitter influencer who would later go on to spread lies about the <a href="https://coingape.com/tag/luna/">Terra (LUNA)</a> project and its founder Do Kwon.

Terra founder Do Kwon&nbsp;accused FTX’s Sam Bankman-Fried of shorting BTC to handicap the Luna Foundation Guard’s reserves, citing that Alameda has a record of borrowing lump sums in BTC on the de-peg dates of the algorithm-based stablecoin, formerly called UST.&nbsp;&nbsp;

FTX Latest News: According to reports, FTX new CEO John Ray had along with bankruptcy lawyers met with Manhattan federal prosecutors investigating the <a href="https://coingape.com/tag/ftx/">FTX</a> collapse. The prosecutors are also looking into allegations that FTX misused customer funds and lost billions or dollars. In a different investigation, the US SEC is also looking into allegations of misuse of user funds by FTX US. It is said that the meeting took place on Thursday in New York. Reports also indicated that the prosecutors were looking into whether FTX misappropriated customer funds for trades.

In particular, one token that continues to be among the most trending assets despite the collapse of the Terraform labs is the Terra Classic (<a href="https://finbold.com/cryptocurrency/terra-luna-classic/">LUNC</a>) token, the original chain of the collapsed Terra (<a href="https://finbold.com/topic/luna/">LUNA</a>) ecosystem, which gained 12% in just 24 hours, adding <a href="https://finbold.com/terra-classic-gains-12-in-a-day-adding-100-million-to-luncs-market-cap/">over $100 million</a> to LUNC’s market cap on December 2 alone.