After nearly four years in prison, Do Kwon, still has community members holding the line on Terra Luna Classic and looking forward to an "epic revival."
BlockBeats News, June 6th. Despite Terraform Labs founder Do Kwon being sentenced to 15 years in prison for causing the $40 billion Terra crash, the abandoned original chain Terra Luna Classic (LUNC) has not disappeared. A group of community members are still actively maintaining the network and are hopeful to achieve one of the greatest revivals in the history of the cryptocurrency industry.
Reports indicate that a community core member, known as "Vegas," lost about $50,000 during the Terra crash. Since then, Vegas has been actively participating in validator node operation, proposal governance, and developer coordination. He stated that despite long-term internal power struggles and fraud accusations, and even being maliciously reported to the authorities, he still believes LUNC has the potential to return to the top ten of the cryptocurrency industry.
After the Terra crash in 2022, Terraform Labs launched a new chain, Terra, through a hard fork, while the original chain was preserved and renamed as Terra Luna Classic. Subsequently, the community organization Terra Rebels took over the maintenance work and introduced a series of proposals, including a 1.2% burn tax, in hopes of revitalizing the ecosystem. However, due to fund allocation and governance disputes, Terra Rebels eventually disbanded, and multiple developers left one after another.
Nevertheless, the community continues to advance projects such as lending protocols, games, and meme coins, and attempts to restore the stablecoin peg mechanism. Data shows that LUNC has risen by 17.3% in the past year, but has dropped by 28.7% since 2022, with a total decline of 99.99% from its all-time high of $119.
Some community members expressed that the shared trauma of the crash has formed a "family"-like bond among them, and price is no longer the sole focus. "What if we could achieve one of the greatest comebacks in crypto history? This is like a last-ditch Hail Mary pass," one community member said.
