Speculative traders chasing after favorite altcoins have once again set their sights on LUNA Coin, which has seen an increase of nearly 10%. The reason behind the fluctuating price is the latest decision regarding Do Kwon. As you may recall, the US had previously postponed the court proceedings, opting to wait a few months for Kwon’s extradition. Currently, the crypto scammer is in Montenegro, with both South Korea and the US seeking his extradition.
Why Is LUNA Rising?
The Montenegro Court of Appeals, following the session on February 7, 2023, accepted the objection of the defense attorneys of the accused Kwon Do Hyeong. The High Court of Podgorica annulled the decision dated December 29 and returned the case to the court of first instance.
The annulment of the previous decision followed critiques that certain provisions had not been applied correctly.
“In other words, the court of first instance in this special case did not consider that there is a shortened extradition procedure by the court, not by the Minister of Justice, in accordance with Article 29 of the Law on International Legal Assistance in Criminal Matters. Furthermore, it was pointed out that the court of first instance did not unequivocally determine the order of arrival of the petitions from the Republic of Korea and the United States, which is one of the criteria when making a decision on the matter. Article 26 of the said law is applicable in cases where the extradition of the same person is requested by several countries.”
In summary, Do Kwon’s extradition is delayed but will take place. However, this gain does not exonerate Kwon, and the rise of LUNA Coin remains speculative.
