- Terra Luna Classic (LUNC) is set to undertake a V3.5.0 upgrade on August 15th to bolster previous developments.
- Binance has confirmed its upgrade support as it announced its decision to suspend sediment and withdrawals during this period.
Crypto Exchange Binance announced support for upcoming Terra Luna Classic (LUNC) blockchain upgrades on August 15th, revealing that all sediment and withdrawals of tokens on the network will be stopped to ensure a smooth experience.
In a short announcement, Binance explained that the upgrade will occur at 15:30 UTC with block height of 24,660,000. During the period, Terra Network-related token transactions will not be interrupted as the exchange handles all technical requirements in which the user is involved.
What is the upgrade?
The V3.5.0 upgrade is accumulation of v3.4.0 upgrades that occurred in February 2025. As detailed in previous publications, previous upgrades were intended to significantly improve network security, increase efficiency and increase transaction speeds. As mentioned earlier, the V3.3.0 upgrade also sought to promote distributed application (DAPP) development. Future upgrades are primarily intended to further enhance these.
X Page, known as Terranews, propagating this information, revealed on August 5th that it voted to accept a proposal aimed at revitalizing the market module.
Source: Terranews from X
Our survey found that 64.15% of validators voted, and 50.36% voted “Yes.” Reactivation of market modules prevents excessive token printing and manipulation via old pricing data.
In addition to this, Orbit Labs has received a request to validate one of the most important parts of the upgrade: SDK 50.13. Reports show that timely approvals are included in the rollout.
If you hold this upgrade, the LUNC is trading at $0.000061, 1.6% It has skyrocketed over the past 24 hours. Previous analysis shows that LUNC could regain the $0.0001 level in the medium term.
Do Kwon pleads guilty
In the background of this important upgrade, the project founder Do Kwon pleaded guilty to two fees. One count of complications to commit merchandise fraud, securities fraud, and wire fraud. Another count that uses fraud schemes to commit wire fraud.
Explaining the gravity of the case, US lawyer Jay Clayton emphasized that Kwon used one of the biggest frauds in history to attract tens of millions of money using the terraform ecosystem.
By the time the market discovered that the ecosystem was unstable, it was too late. The system collapsed, and investors around the world suffered billions of losses. Kwon’s plea represents a significant milestone in the office’s ongoing efforts to bring integrity and accountability to the digital asset market.
According to the US Department of Justice, Do Kwon faces the biggest sentence in prison for 25 years. That’s not all. The founder of Terraform has agreed to confiscate the proceeds from these illegal schemes by $19 million as part of his plea. As mentioned in a recent news brief, Terraform Labs previously resolved an independent civil charge 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.
