The cryptocurrency sector experienced a major upheaval when the value of Terra’s coin, LUNA, and its stablecoin, UST, collapsed following a significant market disruption. The incident led to the arrest of Terra’s founder, Do Kwon, in Montenegro, with both South Korea and the United States seeking his extradition. Today, the Podgorica Court resolved the matter, awarding the extradition rights to the United States over South Korea, after an intense legal dispute between both nations.
Extradition Battle Ends
The Podgorica Court’s decision on the extradition of Do Kwon has been a focal point in the cryptocurrency community due to its potential implications. While the United States and South Korea both presented their cases for extradition, the court ultimately favored the United States, bringing an end to the speculation on Kwon’s fate.
Terra Classic’s Market Movements
In the aftermath of the Terra fiasco, the price of Terra Classic (LUNC) experienced a surge, reaching $0.000124, but later stabilized at $0.00012209. This price movement reflects the community-led nature of the project post-separation from Terra’s original ecosystem, with the community’s support playing a pivotal role in its progress.
The recent court decision regarding Do Kwon is seen by community members as a positive step, possibly influencing LUNC’s value. Despite the uptick in market capitalization, which surpassed $700 million, a significant decrease in 24-hour trading volume was observed, suggesting a dip in active investor engagement with LUNC.
The volatile journey of LUNC and the ongoing legal saga surrounding Do Kwon continue to capture the attention of the cryptocurrency world, with future developments eagerly anticipated by investors and industry observers alike.