Hot development: Binance sued because of these 2 altcoins!
Binance.US, the US-based subsidiary of the world’s largest crypto exchange Binance, is facing a lawsuit. Accordingly, the US arm of the exchange has filed a class action lawsuit alleging the listing and illegal sale of UST and LUNA altcoin assets as unregistered securities. According to the class action lawsuit, Binance.US failed to comply with US securities laws. Also, the crypto exchange has falsely advertised UST as “secure” and “fiat-backed” for selling UST and LUNA tokens. The plaintiff is seeking reimbursement of IHR damages, indemnity and commercial fees, and attorneys’ fees. Jeffrey Lockhart and other victims have filed a class action lawsuit against Binance.US and its CEO Brian Shroder. However, the case was remanded to the District Court for the Northern District of California today. TerraUSD investors filed a total of 10 pleas against Binance.US and its CEO. The promotion and sale of UST and LUNA as unregistered securities is the main reason. Also cited are contracts to pay transaction fees to an unregistered crypto exchange and an arbitration process designed to keep retail investors from filing claims. As we reported as
Kriptokoin.com , investors lost nearly $40 billion in the Terra crash. In fact, the new lawsuit was the first LUNA and UST-related lawsuit filed in the United States after the collapse. Fake Binance.US advertisements have misled investors around the Terra ecosystem. Therefore, the huge stock market indirectly caused them to lose their money. According to the lawsuit, Terra founder Do Kwon intended to launch a new Terra network. Kwon had prepared the Terra 2.0 Revival plan to launch the LUNA 2.0 altcoin project without the UST stablecoin. Binance has once again endorsed the listing of LUNA 2.0, although it doesn’t see it as beneficial for its investors. Binance.US and its CEO, Brian Shroder, are now being blamed for the loss of investors. Additionally, investors must appoint a jury to return their funds.
Terra 2.0 price continues to fall
Altcoin LUNA price has not increased despite the project’s rebuild and refresh. The infamous token that failed to gain momentum plunged to an all-time low. LUNA price is currently trading at $2.47, down about 6% in the last 24 hours. Thus, the new altcoin is down 87% since its listing on May 28, 2022. Meanwhile, Terra Classic couldn’t survive the fall. According to the latest data, Terra Classic is down 10% in 24 hours. Accordingly, the token is trading at $0.00006033 at the time of writing. Many investors have lost confidence in the Terra founder and his team. Therefore, the work of the project seems quite difficult for the time being.