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SEC vs. Do Kwon: LUNC and USDC in the Crosshairs

source-logo  coinedition.com 10 March 2024 09:57, UTC

The cryptocurrency market is experiencing significant volatility, and coming events suggest the trend will continue in March. One notable expectation is the commencement of trials between the U.S. Securities and Exchange Commission (SEC) and Do Kwon, co-founder of Terraform Labs.

A schedule of events shows the SEC vs Do Kwon trial would start on March 25, a day that could be significant for LUNC and USDC, two cryptocurrencies linked with the embattled Terraform Labs. Naturally, users expect the trial commencement to generate initial sentiments on the market outlook for the affected cryptos.

March 2024 here we go! 👀 pic.twitter.com/MaBBWi0q8R

— MartyParty (@martypartymusic) March 10, 2024

Earlier reports suggest Kwon would miss the initial stages of the trial following complications in extraditing him from Montenegro. However, according to a letter filed by his lawyer, the embattled entrepreneur will not seek to adjourn the trial date.

The SEC sued Kwon and Terraform Labs over the May 2022 collapse of the TerraUSD and Luna cryptocurrencies. The authorities said the collapse caused a loss of $40 billion in the crypto market.

After the collapse, the Terra Luna community launched the revival of LUNC, the original Terra LUNA coin left behind, and the blockchain stablecoin, USDC. Both cryptos have had their moments in the market, especially LUNC, which has recorded significant volatility at various times.

LUNC has rallied since the beginning of February, bouncing off a $0.0000921 low. The uptrend has continued, resulting in a 175% gain at the beginning of March, when it traded for $0.000255.

The pending court case could mark a significant moment for LUNC, depending on the community’s sentiment on how the case could develop. The current market conditions could boost the case’s impact, as crypto users actively trade between digital assets and seek profitable opportunities.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

coinedition.com