- A Global investor rights firm has announced the filing of a class action lawsuit on behalf of Terra token holders.
- The lawsuit alleges that Terra violated provisions of the securities act by selling non-exempt securities without registering it.
- Analysts have predicted a breakout in LUNA 2.0 price, as the altcoin reveals bullish potential.
A law firm has launched a class action lawsuit on behalf of Terra tokens including LUNA, UST and others, MIR, Mirrored Assets and Liquidity Pool tokens. The Rosen Law firm has invited affected Terra LUNA investors to join the class action lawsuit.
Also read: LUNA holders watchout: Investigation in the Terra collapse catches investors off guard
Class action lawsuit claims LUNA is a security
Rosen Law firm, a global investor rights law firm, announced the filing of a class action lawsuit on behalf of Terra token purchasers. Terra tokens include UST, LUNA, KRT, ANC, WHALE, ASTRO, APOLLO, XDEFI, MINE, aUST, vUST, MIR, Mirrored Assets (mBTC, mETH, mVIXY, mTSLA) and Liquidity Pool tokens. The lawsuit is filed against TerraForm Labs, Jump Crypto, Jump Trading LLC, and others.
The firm has called token holders to move the court no later than August 19, 2022. According to the lawsuit, TFL and the defendants have violated provisions of the Securities Act and sold non-exempt securities without registration.
The lawsuit argues that defendants violated the provisions of the Exchange Act through a scheme by which investors purchased Terra tokens at artificially inflated prices.
Terra co-founder’s home raided as part of South Korea’s crypto probe
South Korean authorities started an investigation in the Terra LUNA-UST crash, raiding 15 entities related to the collapse of the algorithmic stablecoin. Authorities raided Terra co-founder Daniel Shin’s home and his company Chai Corp.
Shin is the latest stakeholder to be raided by Korean authorities. After major cryptocurrency exchanges like Bithumb and Upbit, houses of co-founders and their offices were the next target of Korean authorities.
LUNA 2.0 price ready for breakout
Analysts have evaluated the LUNA 2.0 price trend and predicted a breakout in the altcoin. FXStreet analysts believe LUNA price is ready to recover after sweeping lows in the ongoing trend. Therefore, LUNA 2.0 has more reasons to break out, than to plummet. For price levels and key information, check the following video:
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