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After the historic year of 2021 in cryptocurrencies, expectations for new rises in 2022 were not met. Due to the sensational events involving TerraLabs and its founder Do Kwon, the market began to plummet following the LUNA and USTC fiasco. This situation occupied the market until the FTX incident involving Sam Bankman-Fried in November 2022. Later, Do Kwon was captured in Montenegro, and his extradition process has turned into a long saga. Amid numerous lawsuits and developments, the SEC made an announcement a few minutes ago.
Terraform and SEC Agree
According to information provided by Reuters, the SEC made an announcement. The SEC stated that Terraform agreed to pay $4.47 billion in connection with the lawsuit. Meanwhile, attention remains on Do Kwon, who is still in Montenegro.
Extradition decisions regarding Do Kwon have been repeatedly overturned by courts for months. There is uncertainty about whether Do Kwon will be extradited to South Korea or the USA, with five decisions being overturned so far.
Currently, the extradition issue remains uncertain. Following the agreement between Terraform and the SEC, attention has turned to the prices of LUNA, LUNC, and USTC, which are experiencing significant activity.
LUNC, LUNA, and USTC Prices
First, looking at LUNC, it has clearly risen. LUNC price increased by 8.5% to $0.00010812. Market volume also rose similarly to $627 million. The 24-hour trading volume decreased by 9% to $26 million.
The price of the former stablecoin USTC, which caused a significant stir, also increased by 8.81% to $0.02183. During this period, market volume reached $148 million. Trading volume decreased by 6.5% to $11 million.
Another important part of the ecosystem, LUNA, saw a 10.54% increase, reaching $0.5919. LUNA’s market volume reached $456 million. The 24-hour trading volume moved contrary to other cryptocurrencies, increasing by 20% to $43 million.
