The cryptocurrency token that crashed the cryptocurrency market grew by 57% per day

The value of the fraudulent cryptocurrency TerraClassicUSD (USTC) has increased by 57%, reaching a one-month high. This happened after the Terraform Labs community accepted the proposal of Tobias Andersen, a senior developer at Bitcoin Suisse AG, to re-peg the coin to the US dollar. At the time of writing, USTC is trading at $ 0.054.

As it became known, Tobias Andersen presented a proposal to solve the problem of a large number of unsecured USTC and the hyperinflationary Luna Classic (LUNC) offer. Andersen wants to recapitalize USTCs through quantitative easing and reduce the huge amount of debt that accumulated in May 2022 during the collapse of the Terra Classic ecosystem.

In addition to presenting the recapitalization plans, the developer stated that returning USTC to a value of $ 1 is of great importance for Terra Classic’s long-term prospects. At the moment, Andersen did not explain how exactly this should happen.

It is not known for certain what the future holds for Terra ClassicUSD, but it is already clear what the future holds for USTC founder Do Kwon. According to South Korean media, the passport of the cryptocurrency fraudster and Terraform Labs CEO will be revoked on October 19. In this case, the Ministry of Foreign Affairs and the prosecutor’s office of the country where the attacker is hiding will consider Kwon an illegal resident of the country and he will face deportation to South Korea.