Terra Classic and USTC Surge Following Removal of Warning Labels on Binance

A warning label has been attached to Terra’s assets, informing investors of the case against Do Kwon and a warrant for his arrest.

Terra Classic (LUNC) and TerraClassicUSD (USTC) have staged their respective rallies following Binance’s decision to finally remove the warning labels attached to them on the platform. Binance has put up a warning label after Terra’s collapse and Do Kwon’s troubles with South Korean authorities.

Classy Crypto, a famous influencer in far camp, calling attention to today’s promising developments, highlighting the price movements of both assets. “WARNING $LUNC & $USTC RUNNING after the warning label from Binance was removed from the platform,” Classy expressed.

BEWARE 🚨 $ AWAY & $USTC RUN after the warning label from #Binance has been removed from its platform. pic.twitter.com/HvyIZ8qazJ

— Classy 🔮 (@ClassyCrypto_) January 31, 2023

A quick look at Binance confirms that the warning label has been removed, but the warning on LUNA remains. Data from CMC also corroborates these claims, as USTC confirmed to have gained 16.39% in the last 24 hours, currently changing hands at $0.02526 at the time of writing. The asset had surged by 14% in the two hours to $0.2720 over the past 2 weeks before meeting little resistance.

Despite the rejection, USTC has maintained a 5% gain in the last hour. Also, with a current value of $245 million, its market capitalization has seen a significant spike in the last 24 hours, lifting it to 132nd place on the list of largest mainstream assets by market capitalization.

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Meanwhile, LUNC has also staged a modest rally of its own, surging by 5% within two hours to a high of $0.0001751 before hitting a bottleneck. The asset is still holding above the $0.00017 level, currently trading at $0.0001729 at reporting time, a 2.35% jump in the last 24 hours.

Binance Warning Labels

This price rally became apparent during the day today, as Classy revealed that the warning label placed on the asset by Binance has been removed. Following an arrest warrant issued against Do Kwon by South Korean prosecutors, Binance added a warning label to Terra’s assets, notifying investors of the development and advising them to trade with caution.

While the labels may not deter those who are aware of the developments surrounding the case, they still place a kind of stigma on the asset, and can make new investors wary. Classy had asked Binance to drop the label earlier this year

$ AWAY would be VERY profitable if #Binance removed the label warning $LUNA.

When I went to my last in-person event, many were still comparing us #LUNA & believed in Do Kwon’s fake prison narrative.

It’s time for both moons to work together for the best!

— Classy 🔮 (@ClassyCrypto_) January 4, 2023

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