- The court scheduled the SEC vs Do Kwon trial to begin on March 25.
- Kwon would miss the initial stages of the trial following complications in extraditing him from Montenegro.
- Users expect LUNC and USDC to react following the trial’s impact.
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.
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.
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