Terra Luna Classic (LUNC) is gearing up for a significant v3.5.0 upgrade scheduled for August 15, 2025. Meanwhile, the project's founder, Do Kwon, has pleaded guilty to multiple fraud charges.
Terra Luna Classic Upgrade
Cryptocurrency exchange Binance has confirmed its support for the upcoming upgrade, announcing that it will suspend all deposits and withdrawals of tokens during this period to ensure a seamless experience. The upgrade will occur at 15:30 UTC at block height 24,660,000. Trading of Terra network-related tokens will not be interrupted as the exchange will manage all technical requirements.
The v3.5.0 upgrade builds upon the previous v3.4.0 upgrade that occurred in February 2025, aimed at enhancing the network's security and improving transaction efficiency. The upcoming upgrade intends to deepen these improvements and reactivate the Market Module.
Do Kwon Pleads Guilty
Do Kwon, the founder of Terra, has pleaded guilty to two counts of fraud involving commodities and securities. U.S. Attorney Jay Clayton emphasized that Kwon orchestrated one of the largest frauds in history. His actions resulted in the collapse of the system and led to billions in losses for investors worldwide.
> "By the time the markets discovered the ecosystem was unstable, it was too late: the system collapsed and investors suffered billions in losses," stated Clayton.
Impact on the Ecosystem
As a result of his guilty plea, Kwon faces a maximum sentence of 25 years in prison and has agreed to forfeit $19 million in proceeds from these illegal schemes. These developments may negatively impact trust in the development team and the Terra ecosystem as a whole. However, the v3.5.0 upgrade draws attention back to the project, which could mitigate the fallout from recent controversies.
The current events highlight the necessity for increased transparency and security in the cryptocurrency industry. The Terra Luna Classic upgrade promises enhancements that may redirect interest towards the project despite the ongoing challenges.
