The prolonged crypto winter, partly triggered by the Terra incident, continues to unfold with new developments surrounding Terra’s founder, Do Kwon. A Montenegrin court has made a significant move following a recent decision to extradite Kwon, which has now been overturned.
Initially, the Podgorica court had approved the extradition of Do Kwon to either South Korea or the USA. Kwon was arrested at Podgorica airport in March with forged documents. Since then, there has been ongoing debate about his extradition destination, but the Montenegrin court has unexpectedly cancelled the extradition approval.
The cancellation has sparked curiosity about the forthcoming responses from South Korea and the USA. The reasons behind the Montenegrin court’s decision are expected to be clarified in due course.
Following the news, three Terra-associated altcoins, including the former stablecoin USTC, experienced a price surge. In a matter of minutes, each of the three altcoins saw their prices increase by over 10%, bringing joy to investors.
USTC, previously pegged at one dollar, saw a significant drop after losing its stable value but has now risen to $0.035 following a 10% increase. Terra Luna Classic (LUNC) also rose by 10%, reaching $0.0001582 with an 11% increase in market cap to $932 million. Lastly, TERRA (LUNA) saw an approximate 11% price increase, trading just below one dollar at $0.95, although it remains 95% below its 2021 peak of $20. Despite this, its 24-hour trading volume is at $80 million, with a market cap of $580 million.