Web 3 Journalist
Tim Hakki
Web 3 Journalist
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In an unexpected move, Terra Classic’s native token LUNC exploded by up to 40% over the last few days, propelled by news of a major lawsuit filed by the bankruptcy administrator overseeing Terraform Labs’ wind-down.
The legal action targets the trading firm Jane Street over events tied to the 2022 collapse that wiped out tens of billions of dollars in value, and contributed to the market-wide crash that devastated crypto portfolios and many Web3 companies that year.
This development has traders buzzing, and some fast movers are already taking profits from the LUNC rally, causing its price to fall back by 15.6%. Many appear to be rotating those gains into newer opportunities within the Bitcoin space, particularly the ongoing Bitcoin Hyper (HYPER) presale.
With its focus on unlocking real utility for BTC, the project has attracted almost $32 million in funding and could see massive gains following its end-of-Q1 launch.
Terraform Labs Bankruptcy Administrator Files Lawsuit Against Jane Street Over 2022 Terra Collapse
The new lawsuit, brought in a Manhattan court, claims that Jane Street exploited non-public information during the critical moments of the TerraUSD stablecoin’s depeg in May 2022.
According to allegations, Terraform Labs quietly withdrew around $150 million in liquidity from a major Curve pool. Minutes later, a wallet connected to Jane Street executed a large $85 million UST trade that accelerated the loss of the dollar peg and triggered the infamous LUNC death spiral.
The entire episode resulted in roughly $40 billion in losses for investors, and was one of the defining moments of the 2022 bear market.
Many Web3 projects lost key backers as capital fled the industry, and Bitcoin even fell below $15,500 that November – a level BTC has not returned to since that time.
Jane Street has pushed back, describing the claims as a desperate bid for funds from routine trading activity – but regardless of how the legal situation plays out, the headlines have reignited interest in Terra Classic.
The momentum trader Cilinix Crypto recently highlighted the lawsuit’s impact on LUNC, noting a “beautiful pump” that generated gains of up to 40.45%.
LUNC has pulled back sharply after peaking around $0.00004947 in the early hours of this morning, releasing capital back into the market. Savvy participants who already called the LUNC move appear to be shifting their focus toward Bitcoin Hyper (HYPER), a fast-rising presale project working on much-needed infrastructure improvements for Bitcoin.
HYPER Presale Captures Attention as L2 Hype Grows
Bitcoin Hyper (HYPER) is pioneering a new kind of Layer 2 network for Bitcoin, which combines the base layer’s unmatched security with high-performance execution.
By integrating the SVM (Solana Virtual Machine), Bitcoin Hyper offers near instant transaction finality and minimal fees to Bitcoin users, opening the door to full-fledged DeFi services, staking protocols, and other dApps, all powered by BTC.
To get started, users will need to deposit their native BTC via a trust-minimized bridge and receive equivalent assets (Wrapped Bitcoin) on the L2. From there, they’ll be free to engage with high-speed Web3 dApps, and withdraw back to the main chain at any time.
The HYPER token will power all L2 gas fee payments, enable staking (with a reward rate of up to 37% APY during the presale), and support future governance processes via the project’s community DAO.
With a fixed supply of 21 billion HYPER tokens and allocations focused on development, community incentives, and marketing, Bitcoin Hyper’s fundamental business model emphasizes sustainability.
As traders bank their gains from the lawsuit-fueled Terra Classic volatility, capital is flowing into Bitcoin-centric innovations, and Bitcoin Hyper is surging in popularity as a result.
How to Join the Bitcoin Hyper Presale Before Exchange Launches
The HYPER presale currently offers a discounted price of $0.0136762 per token – but this is due to increase in just a few hours. To snap up your HYPER before the price rises, head over to the official Bitcoin Hyper website to connect a wallet and complete your purchase.
HYPER tokens can also be acquired seamlessly through Best Wallet (available for quick download from the Apple App Store and Google Play). HYPER can be found under the “Upcoming Tokens” tab in the Best Wallet app.
Supported payment options include ETH, USDT, USDC, BNB, SOL, and direct bank card purchases.
Once you’ve bought in, you can also stake immediately to earn an APY of 37%.
For ongoing updates, follow Bitcoin Hyper on X and join the Telegram group to stay informed on new developments and the path toward HYPER’s token generation event.
Visit the Official Website Here
