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- Terra Luna Classic (LUNC) is set to embark on the v3.5.0 upgrade to enhance its previous developments on August 15.
- Binance has confirmed its support for the upgrade as it announces the decision to suspend deposits and withdrawals during this period.
Crypto exchange Binance has announced support for the upcoming Terra Luna Classic (LUNC) blockchain upgrade on August 15, disclosing that it would suspend all deposits and withdrawals of tokens on the network to ensure a smooth experience.
In a short announcement, Binance explained that the upgrade would occur at 15:30 UTC at the block height 24,660,000. Within the period, trading of Terra network-related tokens would not be interrupted as the exchange would handle all technical requirements involving users.
What is the Upgrade About?
The v3.5.0 upgrade is a build-up of the v3.4.0 upgrade that occurred in February 2025. As detailed in our previous publication, the earlier upgrade was meant to significantly improve the network security, boost efficiency, and enhance transaction speed. Its v3.3.0 upgrade also sought to boost Decentralized Application (DApp) development, as discussed earlier. The upcoming upgrade is primarily meant to enhance these even more.
Propagating this information, an X page known as TerraNews disclosed on August 5 that the community has voted to accept a proposal that seeks to reactivate the Market Module.
Per our research, 64.15% of validators turned out to vote, and 50.36% voted “Yes.” The reactivation of the Market Module would prevent the printing of excess tokens or manipulation via outdated pricing data.
On top of this, Orbit Labs has received a request to verify one of the most important parts of the upgrade, SDK 50.13. According to reports, its timely approval could see its inclusion in the rollout.
Pending this upgrade, LUNC is trading at $0.000061 and has recorded a 1.6% surge in the last 24 hours. According to our previous analysis, LUNC has the potential to reclaim its $0.0001 level in the medium term.
Do Kwon Pleads Guilty
Amidst the backdrop of this significant upgrade, the founder of the project, Do Kwon, has pleaded guilty to two charges: one count of conspiring to commit commodities fraud, securities fraud, and wire fraud; and another count of committing wire fraud using fraudulent schemes.
Explaining the gravity of the case, U.S. Attorney Jay Clayton highlighted that Kwon committed one of the largest frauds in history using the Terraform ecosystem to attract tens of billions in funds.
By the time the markets discovered the ecosystem was unstable, it was too late: the system collapsed, and investors around the world suffered billions in losses. Kwon’s plea represents an important milestone in this Office’s continuing efforts to bring integrity and accountability to the digital asset markets.
According to the US Justice Department, Do Kwon faces a maximum sentence of 25 years in prison. This is not just that. The Terraform founder has agreed to forfeit $19 million in proceeds from these illegal schemes as part of his plea. As mentioned in our recent news brief, Terraform Labs previously settled independent civil charges with the US Securities and Exchange Commission (SEC) in 2024.
Kwon is scheduled to be sentenced on December 11, 2025, by Judge Paul A. Engelmayer.
