The situation surrounding Do Kwon has turned from humorous to serious. There are ongoing reports regarding the extradition of Do Kwon, who played a significant role in the Terra collapse. Local courts are making decisions that higher courts are then overturning. Subsequently, the ministry intervenes with its own rulings, creating a chaotic legal scenario. After the last ruling was overturned, Kwon could not be extradited.
LUNA News
Do Kwon must answer many questions in court as he is deemed guilty. The founder of Terra previously initiated a different algorithmic stablecoin project similar to UST anonymously, which ultimately failed. Following that, LUNA and UST were launched, capitalizing on investors’ greed with a 20% APY. The mechanics of LUNA and UST posed risks, indicating that the stablecoin could collapse during price fluctuations.
Awaited Developments
The anticipated outcome has materialized, triggering the bankruptcy of several crypto risk-takers, including Zhu Su, during the mid-2022 crash. Rumors have surfaced that major players like Jump profited from this collapse. These details are expected to come to light following Kwon’s extradition.
Today, Montenegro’s Minister of Justice, Bojan Božović, stated that a decision regarding the extradition of Terraform Labs founder Do Kwon has been finalized and will be announced by the end of Sunday.
Despite the prolonged decision-making process causing confusion, announcements regarding extradition to South Korea or the United States are likely to be made in the coming days.
Following this news, the price of LUNA has begun to decline.
