CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Who owns the most Terra classic crypto? LUNC tokens were once a sought-after investment

By Ankish Jain

Edited by Jekaterina Drozdovica

10:00, 25 September 2022

Terra crypto currency digital payment system blockchain concept. Cryptocurrency isolated on earth night lights world map background.
LUNC tokens were once a sought-after investment

LUNA Classic (LUNC) is the original Terra LUNA coin that weathered the Terra Luna collapse followed by the hard fork: the emergence of the new Terra 2.0 chain and rebranding of the old coin. Terra is the name of the new chain, while LUNA Classic (LUNC) is the native coin of the original Terra LUNA network.

Who are the largest holders of LUNC, and how high is the concentration of terra classic whales? Here we take a look at the LUNC circulating supply and who owns the most Terra Classic crypto.

What is Terra Classic (LUNC)?

The old luna coin was part of a dual-token system along with Terra’s sister token, US dollar-pegged stablecoin Terra USD (UST). The Terra ecosystem was developed by South Korea-based Terra Labs, founded by Do Kwon, a former computer science student at Stanford university. 

Terra USD was an algorithmic stablecoin, meaning that it was pegged to the US dollar by algorithms and game theory, using a series of smart contracts.

The old luna had a vital role in stabilising UST price and minimising market volatility. It was used for network fees, governance, to maintain the proof-of-stake (PoS) consensus mechanism and minting. 

The dual-token system involved a mechanism whereby to create a new UST the same amount of LUNA in dollars was burnt. Therefore, $1 in LUNA could be swapped for one UST coin, and vice versa. 

Early in May 2022, the Terra Luna cryptocurrency suffered a price collapse as UST lost its peg. The so-called ‘black swan’ event caused LUNA to fall from the all-time high of $119.18 on 5 April to an all-time low of $0.00001675 on 13 May.

When UST depegged from the USD on 9 May, UST redemptions massively inflated the LUNA supply, driving the price down by 99%. The UST crash happened as the algorithms could not keep up, forcing the Luna Foundation Guard and its governance team to sell their bitcoin (BTC) reserves to save the stablecoin. 

This resulted in the sharp decline in the price of LUNA. Numerous cryptocurrency exchanges, including Binance (BNB), delisted the Luna and UST pairings after the crash that sent shockwaves throughout cryptocurrency markets.

As a part of Kwon’s revival plan, the Terra blockchain underwent a hard fork, and the old LUNA token was rebranded as Terra Classic (LUNC). Meanwhile, a new token was created, which took the name LUNA

Who owns the most Terra Classic crypto?

According to CoinMarketCap data, as of 23 September, LUNC's supply was capped at 6.9 trillion LUNC tokens, with a circulating supply of 6.15 trillion coins. LUNC was trading at $0.0002707 and had a market cap of $1.66bn at the time of writing (23 September).

Moreover, the data suggested there were 11,782 active wallet addresses for LUNC, as of 23 September, up 14.27% from 10,310 on 24 June.

Who owns the most Terra Classic crypto? According to the data from the Luna Rich List, as of 23 September, TerraForm Labs was the biggest terra classic holder, with a balance of 432.71 million LUNC tokens.

BTC/USD

60,039.40 Price
+2.340% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

370.35 Price
-1.820% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

ETH/USD

3,192.91 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.54 Price
-1.350% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

The second-largest wallet held 67.48 million tokens, but its owner's identity was anonymous. It could be Do Kwon or another insider. But there is no evidence to say who it is.

With a balance of 29.23 million coins, the cryptocurrency exchange Binance was the third-largest wallet holder of terra classic tokens.

Coinone, a cryptocurrency exchange based in South Korea, was ranked 35th among the top 100 wallet holders, with 1.54 million tokens. Lastly, the Huobi exchange had 381,228 tokens.

Terra Classic crypto news and the road ahead

On 13 May, Terra Classic token fell to a record low of $0.000001675. As of 23 September, its price jumped to $0.000271. However, it still trades more than 99.99% below its all-time high price.

LUNC/USD price chart, 2019 - 2022

When investors lost money in UST and LUNA, Do Kwon was charged with violating Capital Markets Act with the South Korean police issuing a warrant. Currently (23 September), Do Kwon's present whereabouts are unclear. South Korean police are reportedly requesting Interpol to issue a "red notice" for him, according to the Financial Times.

On Saturday, the Singapore Police Force verified to the press that Kwon was no longer in the city-state. It was previously thought that Kwon was in Singapore.

Do Kwon posted in his defence on Twitter that he is not on the run, is cooperating fully with the police and has nothing to hide.

He also mentioned: "You have no right to know my GPS locations unless we are friends, have arrangements to meet, or are participating in a GPS-based Web3 game."

The bottom line

While it’s important to be aware of who owns the most LUNC, it shouldn’t be used as a substitute for your own research. Remember, cryptocurrency markets are highly volatile. 

Always conduct your own due diligence before trading, looking into the latest news, technical and fundamental analysis and a wide range of analyst commentary. 

Remember, past performance does not guarantee future returns. And never trade money you cannot afford to lose.

FAQs

Who is Terra owned by?

According to the data from the Luna Rich List, as of 23 September, TerraForm Labs was the biggest terra classic holder, with a balance of 432.71 million Terra Classic tokens.

Who founded Terra crypto?

Terraform Labs, which developed Terra crypto, was founded in 2018 by Do Kwon and Daniel Shin in Seoul, South Korea. Terraform Labs released its first cryptocurrency token, LUNA, in July 2019.

Is Terra built on Ethereum?

No, Terra employs Cosmos SDK, a platform that enables developers to build unique blockchains and decentralised apps (dApps).

Markets in this article

BNB/USD
Binance Coin / USD
543.10 USD
7.27 +1.370%
BTC/USD
Bitcoin / USD
60039.40 USD
1369.05 +2.340%
LUNA2/USD
LUNA2.0 to USD
0.3941 USD
-0.0029 -0.750%

Related topics

Rate this article

Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading