LUNC News: Terra Classic Community Claims Coinbase-Backed Karak Stole 200M USTC
Highlights
- Terra Luna Classic community members claims Karak Network co-founder Raouf Ben-Har stole 200 USTC worth millions.
- RedlineDrifter reignited buzz in the community regarding the missing 200 million USTC.
- Karak Network CSO Victor Cheng Says "No user funds were ever touched."
LUNC News: Terra Luna Classic community members seek 200 million USTC from Coinbase and Pantera Capital-backed Karak Network, claiming Karak co-founder Raouf Ben-Har has stolen the crypto asset worth millions.
Meanwhile, the community has made significant efforts to remove 93 million LUNC and 87 million USTC in the Terra Shuttle Bridge (BSC) contract from circulating supply.
Terra Luna Classic Seeks 200 Million USTC
Terra Luna Classic developer RedlineDrifter reignited buzz in the community regarding the missing 200 million USTC. He alleges that Coinbase and Pantera Capital-backed Karak Network has not returned USTC worth $8 million that belongs to the community.
RedlineDrifter pointed out Karak Network co-founder Raouf Ben-Har for missing crypto assets that date back to when he operated under Risk Harbor. The Risk Harbor team is now rebranded to Andalusia Labs. The Terra Luna Classic community claims Risk Harbor team used an admin function to withdraw 200 million UST (now USTC).
The community member joined BNB Chain X space featuring Karak Network, Lista DAO, and Listapie to ask about the missing 200 million USTC. Notably, Terra Luna Classic community has burned 800 million USTC and taken out of circulating supply.
“No user funds were ever touched. Foundation sold UST that the Terra Foundation minted and provided (which eventually dissolved) for pennies on the dollar after riding it down to 0, which will carry forward to Karak. Simple as that.” said Victor Cheng, CSO at Karak Network.
Also Read: LUNC Price Flashes Buy Signal Ahead Binance Burn As Over 1 Trillion LUNC Staked
USTC and LUNC Prices Performance
USTC price trades at $0.01808, down 1% in the last 24 hours. The 24-hour low and high are $0.01803 and $0.01842, respectively. Trading volume has decreased by 32%, indicating a dip in interest among traders.
Meanwhile, LUNC price has jumped 1% in the past 24 hours, with the price currently trading at $0.00008329. The 24-hour low and high are $0.00008159 and $0.00008396, respectively. However, trading volume has decreased 23% in the last 24 hours.
The community expects a significant recovery in prices after Binance LUNC burn and Tax2Gas implementation in July.
Also Read: Bitcoin Price To $65k Or $55k After US PCE Data? IMF Asks Fed To Delay Rate Cuts
- Bitcoin ETF Outflows Surge $326 Million on BTC Price Recovery, Institutions Selling?
- Whales Heavily Shorting XRP, DOGE, PEPE & These Crypto Ahead of Jerome Powell’s Speech
- Dogecoin Enters Wall Street Spotlight as House of Doge Targets Nasdaq Launch
- Fed’s Anna Paulson Backs Rate Cuts, Downplays Trump Tariff Impact
- Is Another BTC Price Crash Ahead As ‘Trump Insider Whale’ Increases Bitcoin Short to $340M
- Trader Sees a Dogecoin Price Surge as House of Doge Sets for a NASDAQ Listing
- Will Shiba Inu Price Recover After the Crypto Crash As Burn Rate Soars 8,194%?
- Bitcoin Price Mirrors March 2020 Crash as US–China Trade Easing Fuels Recovery
- PEPE Coin Price Reenters Historical Demand Zone as Whales Accumulate $5M— Can It Repeat Its 123% Rally?
- Bitcoin Price Prediction as Trump’s Tariff Shock Triggers $19B Liquidation
- Can $TAPZI Reach $1 In Q1 2026?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
