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The court cases in South Korea against the Terra Luna founders continue to move forward.

In a recent tweet, Tobias Andersen, a senior software developer, and former Terra Classic layer-1 team member, raised concerns about the possibility of LUNC revisiting its all-time low (ATL) value of $0.00001675.

Terra co-founder Daniel Shin will appear at the Seoul Southern District Court for his first trial on May 26. South Korean prosecutors indicted Daniel Shin and nine others on multiple charges including fraud related to the May 2022 Terra-LUNA crash that wiped out $40 billion of investors' wealth.

According to a local report, South Korean prosecutors have been given the green light by the Criminal Division of the Seoul Southern District Court to seize assets owned by Do Kwon, the co-founder and former CEO of Terraform Labs. The report discloses that a total of 233.

Today's cryptocurrency market showcases Kava (KAVA), Woo Network (WOO), Floki Inu (FLOKI), Uniswap (UNI), The Graph (GRT), and Mina Protocol (MINA) as the top gainers, while Bitcoin SV (BSV), Pepecoin (PEPE), SUI (SUI.io), Bitcoin Cash (BCH), Luna Classic (LUNC), and Maker (MKR) have faced losses.

It appears things are only getting worse for disgraced Terra founder Do Kwon. A Wednesday report revealed that South Korean prosecutors had managed to freeze around 233.3 billion Korean won, valued at about $176 million, in Kwon's personal assets as criminal proceedings against the former Terraform Labs CEO continue.

Assets tied to Kwon worth 2.33 trillion won were frozen while he awaits trial in Montenegro and faces eight criminal charges in the United States.

The frozen assets include an apartment complex, an officetel, several imported cars, and various financial assets.

LUNC Price Analysis: Under the influence of a downsloping trendline, the LUNC price has witnessed an aggressive fall over the past three months. From the peak of $0.000208, this downfall tumbled the coin price 61.7% to hit the $0.00008 psychological support.

A new Terra Classic project launched in April has burned over 1.5 billion LUNC tokens in the last few days. The protocol aims to burn billions of LUNC to deflate the circulating supply more rapidly.

Game-tested Terra system tokens caught a bullish wave as most altcoins continue the plunge.

South Korean prosecutors have frozen assets worth US$176 million belonging to Kwon Do-Hyung, CEO of Terraform Labs, over allegations that he defrauded investors in the Terra-Luna project and related decentralized finance services. This comes just before the court hearing for Kwon's travel document forgery charges in Montenegro is set for May 11.

Terra Classic core developer Joint L1 Task Force (L1TF) submitted Proposal 11511 for governance voting to upgrade the Terra Classic network to v2.0.1. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra

While a large part of the cryptocurrency market is struggling with declines or trading sideways at best, Terra Classic (LUNC) has been recording increases, corresponding with the rising anticipation of a major upgrade that would allow technological parity with LUNA 2.0.

Terra Luna Classic (LUNC) started a bullish momentum four days after its testnet upgrade. The asset's Twitter community believes that the current price point might be the bottom for LUNC.

The assets worth 233.3 billion won, equivalent to $176 million of Terraform Labs CEO Kwon Do-hyung (Do Kwon) have been freezed.

Today's cryptocurrency market highlights Bitcoin SV (BSV), Kava (KAVA), Luna Classic (LUNC), Bitcoin Cash (BCH), SUI (SUI.io), and PEPEcoin (PEPE) as top gainers. On the other hand, Stacks (STX), Casper (CSPR), Render Token (RNDR), Convex Finance (CVX), Injective Protocol (INJ), and Woo Network (WOO) are facing losses.

Today marks the anniversary of Do Kwon's infamous tweet, a message that has since become a cautionary tale and meme within the crypto community. On May 9, 2022, Kwon, Terra's founder, tweeted, "Deploying more capital - steady lads," amid the turmoil of Terra's collapse.

The crypto community was left stunned when Terraform Labs, co-founded by Do Kwon and Daniel Shin, executed a substantial transfer of Convex Finance (CVX) tokens to another wallet on May 9.

Terraform Labs, co-founded by Do Kwon and Daniel Shin, transferred Convex Finance (CVX) tokens worth millions to another wallet on Tuesday. The transfer has come almost a year after the Terra-LUNA crisis that duped $40 billion in investors' money and started a crackdown of the crypto market.

LUNA breaks down to an all-time low as Do Kwon is looking at 40 years of prison in the motherland.

Terra's co-founder might serve up to 40 years in prison. After fleeing from regulators, Terra's Do Kwon was finally arrested in Montenegro in March, Interpol confirmed.

According to reports, the prosecutors handling the case of Do Kwon, the founder of the now-defunct Terraform Labs, have announced that they recommend Kwon's extradition to his home country of South Korea. Montenegro's authorities are detaining Kwon over accusations of traveling with a counterfeit passport.

Recently, the Terra Classic ecosystem has been in the spotlight due to its developmental efforts, with the testnet upgrade to version 2.0.0 being the latest advancement. Contrary to general expectations, this recent improvement hasn't translated into the price of the Terra Luna Classic token (LUNC).