Do Kwon Faces Federal Court Judge Today Amidst Terra Luna Classic Legal Battle

Do Kwon, the co-founder of Terraform Labs, is set to appear before a federal court judge today. Kwon had previously pleaded not guilty to criminal fraud charges, and the case is currently in the pretrial phase. Judge Paul A. Engelmayer has postponed the conference multiple times since March, following a joint request from both parties. Additionally, prosecutors from the US Department of Justice have asked for more time to review a substantial amount of new evidence, which has also allowed the defense to prepare their case by reviewing extensive discovery materials.

The case has not yet reached a critical juncture, as significant evidence is expected to be revealed during the court hearing. The federal court has directed the parties to file pretrial motions by July 1, 2025, with the jury trial rescheduled for February 17, 2026. The Terra Luna Classic community is eagerly awaiting the outcome, as a new prosecutor could potentially bring additional allegations or changes to the charges. The upcoming conference hearing before the pretrial motions deadline will be pivotal for LUNC, USTC, and LUNA. Some community members speculate that Kwon could receive a pardon from former US President Donald Trump, as indicated by prediction markets Kalshi and Polymarket.

In addition to the legal proceedings, the Terra Luna Classic community is also discussing the reactivation of a market module that was disabled during the 2022 Terra-Luna Crisis. Developers Vegas and StrathCole have submitted a proposal to reactivate the market module, which is claimed to prevent the depletion of the oracle pool. This development could have significant implications for the Terra Luna Classic ecosystem and its associated cryptocurrencies.

According to the analyst's forecast, the LUNC price has seen a 1.7% increase in the last 24 hours, with the current price trading at $0.00005624. The 24-hour low and high were $0.00005515 and $0.00005635, respectively. However, the trading volume has dropped by 40% in the last 24 hours, indicating a decline in interest among traders. The community is closely monitoring the situation, as the outcome of Kwon's court appearance and the potential reactivation of the market module could significantly impact the price of LUNC and other associated cryptocurrencies.