Do Kwon, co-founder of Terraform Labs, is scheduled to appear before a federal court judge on Wednesday. Kwon pleaded not guilty to criminal fraud charges earlier this year, with the case currently in the pretrial stage.
Judge Paul A. Engelmayer has adjourned the conference multiple times since March in response to a joint letter by both parties. Also, the US DOJ prosecutors requested more time to review a large amount of new evidence before them. This also enabled the defense to review voluminous discovery and prepare their defense in the lawsuit.
The case hasn’t even reached a major point yet, as the ample evidence will be revealed before the public in the court during the conference hearing. However, the federal court asked parties to file pretrial motions by July 1, 2025, and the jury trial is rescheduled for February 17, 2026.
The Terra Luna Classic community awaits whether a new prosecutor in the case to bring more allegations or changes in charges. The conference hearing before the upcoming pretrial motions schedule will be crucial for LUNC, USTC, and LUNA. Some believe Kwon could get pardoned by US President Donald Trump, as per prediction markets Kalshi and Polymarket.
The community is also in discussion to reactivate 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, claimed to prevent depletion of the oracle pool.
LUNC price climbed 1.7% in the last 24 hours, with the price currently trading at $0.00005624. The 24-hour low and high were $0.00005515 and $0.00005635, respectively. However, trading volume has dropped by 40% in the last 24 hours, indicating a decline in interest among traders.
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