The trial against Do Kwon, co-founder of Terraform Labs, continues as he faces possible changes in his defense. This article examines the implications of his case for the cryptocurrency market.
Do Kwon's Trial
Do Kwon, who has caused over $40 billion in losses, is still under prosecution. The extradition process has been complicated, with multiple approvals and cancellations. The U.S. court is expecting that Do Kwon may change his plea in the upcoming hearing. According to Judge Paul Engelmayer, "the court has been informed that the defendant may change his plea." This may indicate that he will admit guilt, although he previously maintained his innocence.
The State of LUNA and LUNC
Following the 2022 collapse, the tokens LUNA and LUNC have faced severe difficulties. LUNA experienced a speculative surge to $0.8 post-U.S. elections but then swiftly fell. In the last 250 days, the token has shown no significant attempts at recovery. It needs to rise by 372% to return to its previous price. A similar situation applies to LUNC, where claims of supply contraction have been debunked. Both tokens display nearly identical charts and are facing strong competition.
The Future of the Cryptocurrency Market
Despite negative forecasts, the world of cryptocurrencies often presents surprises. Investors must recognize that any investment decisions carry both positive and negative consequences. Despite efforts from the Terra Rebels team, crypto tokens are losing relevance against the backdrop of an increasing number of alternatives and competitors, making their further decline likely.
The trial awaiting Do Kwon may prove pivotal for his future and the overall reputation of the cryptocurrency market. How events will unfold remains to be seen.
