The Terra Luna Classic price has crept up by 1% in the past 24 hours, following the emergence of a proposal to merge its ecosystem with that of the newer Terra 2.0 platform. At $0.00016160, LUNC is also down slightly by 0.2% in the past week and by 35% in the past month, with its ongoing token burns doing little to counteract the downward pressures exerted on the wider market by FTX's collapse.

According to Chen in a tweet on November 28, USTC repeg may be possible if the community’s efforts make significant progress or gain momentum.

The Binance CEO said the FTX management lied about not taking user money, saying it was a sort of a Ponzi scheme. He said all industries go through ups and downs in early phase. All the new industries have successful and failed projects, he explained. On the flip side, CZ said the Terra Luna project was mismanaged similar to the Lehman brothers. 

The Seoul Southern District Court reportedly approved local prosecutors’ request Thursday to freeze about 140 billion won ($104 million) in assets belonging to Terraform Labs co-founder Shin Hyun-seung, aka Daniel Shin. The pre-indictment freeze order is a precautionary measure to prevent a suspect from disposing of criminal proceeds before a trial.

According to <a href="https://www.ytn.co.kr/_ln/0103_202211171314541217" target="_blank">reports</a> from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million) in profits Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, generated for selling pre-issued LUNA tokens at a high price without informing retail investors.

Kwon, in a tweet, noted that there remains no evidence that the embattled FTX had any exposure to LUNA. He highlighted an instance where the exchange denied being exposed to the collapsed Terra assets. Do Kwon further mentioned that the now-defunct crypto hedge fund 3AC only had $109M worth of LUNA despite having a balance sheet worth billions of dollars, suggesting that their LUNA holding was incapable of affecting them in a manner that would lead to their downfall. Kwon also pointed out that 3AC had no UST holdings.