Terra Luna Classic upgrades testnet to version 2.0.0 while co-founder Do Kwon faces likely 40 years in prison

Terra Luna Classic blockchain hit a key milestone as the L1 Joint Task Force team upgraded its testnet to version 2.0.0.
The advancement will likely catalyze LUNC as an active development team focuses on the project’s growth.
Terra co-founder Do Kwon will likely face 40 years in prison if convicted of financial crimes.

Ekta Mourya FXStreet

Terra Luna Classic made a key stride in its developmental journey with the L1 Joint Task Force (L1JTF) team upgrading the testnet to version 2.0.0. Interestingly, while co-founder Do Kwon faces likely conviction in the United States or South Korea, the project is making advancements in its development, and the community has put forward a proposal for its continued growth.

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Terra Luna Classic developmental update

The team of developers at the L1 Joint Task Force recently completed their work on Terra Classic and updated the Rebel-2 testnet to version 2.0.0 with the Cosmos SDK version 0.45. The upgrade enables projects and builders from Cosmos and Luna 2.0 to build on the Terra Classic chain.

This is a key developmental upgrade and likely a catalyst for LUNC recovery. Members of the LUNC community identified vulnerabilities that the chain would be exposed to once the version of the upgrade is implemented, and developers from the L1JTF team explained that an audit by CertiK in Q3 could address the concerns.

Further, the L1 team’s roadmap for Q2 indicates that v2.1.0 is the next upgrade scheduled for May 31. The community is looking forward to the next big upgrade on the Terra LUNA Classic chain for the token to begin its recovery from the recent pullback.

LUNC price yielded 6.3% losses for holders since July 6 and nearly 15% over the past week.

Terra co-founder Do Kwon could face 40-year prison sentence

While key upgrades are scheduled on the Terra LUNA Classic blockchain, co-founder Do Kwon will likely be convicted in the United States or South Korea for his financial crimes. According to a report by The Korea Times, Kwon faces a 40-year prison sentence.

Dan Sung-Han, a leading prosecutor in the case against Kwon, explains that investors who lost their funds to the Terra-LUNA collapse are most likely to get justice if the Terra co-founder is prosecuted in South Korea.

Find out more about Kwon’s hearing here.

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.