While the bull run of Bitcoin and altcoins in 2021 was expected to last for a long time, a bombshell news dropped on May 9, 2022, that changed many things forever. The events centered around Terra and Do Kwon led to a crash in LUNA’s price, while Terra’s stablecoin UST lost its $1 peg, causing the market to be significantly disrupted. Following this turmoil, a critical decision has been made today after Do Kwon, who had gone missing, was arrested in Montenegro.
Do Kwon’s Extradition Decided
According to breaking news that has just hit the cryptocurrency world, the Podgorica Court in Montenegro has decided to which country Do Kwon will be extradited. In a process filled with uncertainty, it has emerged that the United States has won the case against South Korea for the extradition.
During the intense legal battle, both countries had requested Montenegro to extradite Do Kwon to them, but until today, there had been no clear answer.
What is the Price of LUNC Now?
Following the Terra and Do Kwon saga, the restructured Terra Classic (LUNC) experienced significant volatility after the news about Kwon. The altcoin surged to $0.000124 before pulling back slightly to $0.00012209.
Investors should remember that LUNC has become a project shaped by the community’s support and votes after separating from the Terra ecosystem. The decision made about Kwon is likely seen as a positive development by the community members.
During this period, LUNC’s overall market capitalization also saw a noticeable increase, exceeding $700 million with a 2% rise. However, a 23% drop in the 24-hour trading volume, amounting to just $43 million, indicated a lack of investor interest in the project.
