The Terra Luna Classic community has accused Raouf Ben-Har, co-founder of the Coinbase and Pantera Capital-backed Karak Network, of stealing 200 million USTC worth millions. This claim was reignited by developer RedlineDrifter, who alleges the missing funds date back to Ben-Har’s time at Risk Harbor, now rebranded as Andalusia Labs.
Despite these allegations, Karak Network’s CSO, Victor Cheng, insists that no user funds were ever touched, attributing the issue to the Terra Foundation’s actions. The community has also removed 93 million LUNC and 87 million USTC from circulation to help stabilize their ecosystem.
Currently, USTC trades at $0.01808, down 1%, and LUNC at $0.00008329, up 1%. Trading volume for both has decreased, indicating waning trader interest. The community anticipates a price recovery after Binance’s LUNC burn and upcoming Tax2Gas implementation.
This incident underscores the crucial role of transparency and accountability in blockchain projects, impacting investor confidence and market stability.
