Can LUNC Survive Without Terraform Labs Support?

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The arrest of the Founder of Terraform Labs, Do Kwon, raises a big question mark regarding his old token, Luna Classic (LUNC).

Do Kwon is considered to be the mastermind behind the collapse of the Terra ecosystem, which caused a stir because the domino effect caused several large companies to go bankrupt, such as Three Arrows Capital (3AC) and Celsius Network.

After the news of the detention, due to lawsuits from some of the losers of Terra token investors, the Terra project has stopped, namely Terra 2.0.

However, the old token LUNC has actually tried to bounce back, even approaching double-digit percentages in the last 24 hours at 8.5 percent. Meanwhile, the prices of the Luna 2.0 (LUNA) and USTC tokens fell.

The latest news, regarding the arrest warrant, the South Korean Ministry of Foreign Affairs (South Korea) is known to want to revoke the passports of Do Kwon and several employees of Terraform Labs (TFL).

Do Kwon and several key TFL employees are also currently being investigated by the Financial Crimes and Securities Unit of the Seoul Southern District Prosecutors' Office.

How will LUNC go in the future without Terraform Labs?

While many observers saw bad luck coming for Terra-related tokens, such as LUNA, LUNC and USTC, LUNC's price performance took them by surprise.

Based on the Watcher News report, the price of LUNC is still trying to recover after the price fall due to the news of Do Kwon's arrest.

Although it is not yet clear, there has been chatter online saying that LUNC is moving independently of Terra which has sparked positive sentiment among investors.

According to one Discord user, the blockchain from LUNC is no longer associated with TFL, so it is expected to “run normally” without Do Kwon and TFL.

However, some still doubt how the Luna Classic blockchain can run without the resources of TFL, which has been supporting it.

In addition, the proposed tax burn of the old Luna token has become a fundamental basis that is embraced by the community, in order to reduce the supply in circulation on a regular basis. However, this only applies to on-chain activities.

Since LUNC is now controlled by the community, its future will depend on how much confidence the community has in the token independent project. Lets watch.

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