Terra tokens have dropped on reports that the US Securities and Exchange Commission is probing whether its developers breached US laws when marketing tokens.
Futures tracking the ecosystem tokens registered about $18 million in liquidation, with the losses on futures of Bitcoin and Ether below the $3 million mark.
LUNA is currently trading at $3.07 in a 1.38% drop in the past 24 hours, while LUNC is trading over $0.00007647 as gains fall to 7% in the past day.
LUNA surged as much as 30% from $2.65 on Thursday, trading at $3.44 on Friday before plunging further amid a bearish market momentum in cryptocurrency. Luna Classic surged as much as 34% before the drop.
LUNA was introduced in the market recently after the collapse of stablecoin terraUSD at the start of May. The value locked on decentralized finance apps in Terra plunged by $28 billion.