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Terra Luna Classic v2.2.1 Core Upgrade The L1TF halted the Terra Luna Classic chain to upgrade it to v2.2.1 and introduce significant changes. It upgrade includes new cosmos SDK, tendermint migration to CometBFT, IBC-go to v6, and wasmd versions. The upgrade also implements key changes earlier passed through governance voting including splitting the burn tax to the distribution module. advertisement According to AtomScan, the Terra Classic chain is coming back online slowly as validators are online. Blocks and inflation data are showing correctly, but staked LUNC data is yet to appear on the platform. Validators and node operators confirmed upgrading to the latest v2.2.1 release to prepare for the upgrade. After 3 hours of the upgrade, PFC became the first validator to be up and running and other validators slowly getting online. The L1TF is yet to announce the changes and issues during the upgrade. Recommended Articles ...

Terra Founder Do Kwon Extradition to South Korea Dan Sung-han, director at the Seoul Southern District Prosecutor’s Office, says Terra co-founder Do Kwon should be extradited to South Korea rather than the US, reported Wall Street Journal on May 5. He believes m ost of the evidence and Terra affiliates are in South Korea and prosecutors are best prepared for court proceedings. advertisement South Korean prosecutor acknowledges that the Terra-LUNA crisis helped advance discussions on the need for tighter regulation of the crypto industry. South Korea and the United States are currently seeking the extradition of Do Kwon from Montenegro. He was detained in March by authorities and indicted for using fake passports and documents to board a flight to Dubai. On March 29, Montenegro’s Minister of Justice Marko Kovac stated the extradition decision will be taken in a separate court proceeding after the passport forgery case. Moreover, extra...

UST Proposal Aims For $1 Repeg Almost a year after Terra’s gruesome debacle, members of the Terra Classic community are considering resurrecting the ecosystem’s doomed terraUSD classic (USTC) stablecoin. The failed chain got renamed to Terra Classic whereas the forked version — developed in the aftermath of UST’s de-pegging event — converted into Terra 2.0. advertisement Read More: Crypto Exchanges Lined Up For Shiba Inu’s BONE Listing After OKX, Huobi Discussions on community forums that date back to March are proposing a new model that addresses the problems with the initial design by utilizing staking, algorithmic peg divergence fees, token buybacks and unidirectional swaps. A divergence fee mechanism, as detailed by member “RedlineDrifter,” would levy a cost equal to the disparity in price between the peg and the market price of USTC. This fee may vary from 0% to 100% at a 50% deviation from the peg. User...