Yesterday, decisions regarding Do Kwon were made once again, and this time it seemed a temporary decision was reached. According to the announcement made yesterday, Do Kwon was released under house arrest. Both the United States and South Korea had requested Kwon’s extradition during the legal process, but the extradition to South Korea was postponed by the Montenegro Supreme Court for further review. Following these developments, Terra’s (LUNA) price saw a 26% increase, reflecting investors’ reaction to the news.
What is the Current Dollar Value of Terra (LUNA)?
The decision to release Do Kwon to house arrest coincided with a notable increase in the price of Terra (LUNA). This development was positively received by investors.
This situation resulted in a significant 26% increase in the price of Terra within the last 24 hours despite falling market conditions. As of the time of writing, LUNA is trading at $1.13.
LUNA’s market capitalization also saw a similar increase during this period, rising to $780 million. This value placed it at the 114th position in the market cap rankings. The 24-hour trading volume, which surged following the news, exceeded $394 million due to a 270% increase.
The price performance seen in Terra revealed a 22.4% increase over the last 7 days, while the past month showed a remarkable 72.7% increase, informing investors of its growth.
Do Kwon and the Legal Process
The legal proceedings surrounding Do Kwon trace back to a case of fraud involving a fake passport, which led to his initial capture. As a result of these events, he was detained in Montenegro.
Following his arrest for fraud, Kwon was found guilty by a court in Podgorica and subsequently sentenced to prison. Adding a different dimension to the process were the extradition requests from the United States and South Korea, which had various charges against Kwon.
The process of determining which country Kwon would be extradited to became a complete uncertainty over time. With the emergence of the house arrest and release decision, it is curious how this will affect the stance of these countries.
The ongoing legal process for months highlighted the importance of the Montenegro Supreme Court’s review in deciding on Kwon’s extradition.
