Montenegro authorities have announced the release of Terra (LUNA) founder Do Kwon from prison, under house arrest, following a forgery case. However, this coincides with a 26% surge in Terra’s price, reflecting investor sentiment amid legal developments.
The Supreme Court confiscated Kwon’s travel documents for security. Not only that, both the US and South Korea seek Kwon’s extradition, with Kwon preferring South Korea. On the other hand, the Montenegrin Supreme Court postponed extradition pending review. Kwon’s legal team contests the appellate court’s ruling.
Market Analysis and Performance of Terra (LUNA)
The announcement of Do Kwon’s impending release has coincided with a notable surge in the price of Terra (LUNA). Investors have responded positively to this development, leading to a significant 26% increase in Terra’s price. According to coinkmarketcap, at the time of writing LUNA’s price is valued at $1.10, with a circulating supply of $630,798,184.69 and a market cap of 690,802,291 LUNA.
Terra’s recent performance has been impressive, with a 22.4% increase in price over the past 7 days and a remarkable 72.7% surge over the last month. These figures indicate a strong upward trend, suggesting favorable conditions for potential investors. The market sentiment surrounding Terra (LUNA) is optimistic, with many recognizing its growth potential amidst recent developments.
Background and Context of Do Kwon Legal Situation
The legal saga surrounding Do Kwon traces back to a forgery case involving a fake passport, which ultimately led to his imprisonment in Montenegro. Following his arrest, Kwon was convicted by the court in Podgorica and subsequently served a prison sentence. However, the situation has been further complicated by conflicting extradition requests from the United States and South Korea, each presenting different charges against Kwon.
The ongoing legal battle has underscored the importance of the Montenegrin Supreme Court’s review in determining Kwon’s extradition fate. Moreover, this review process will be crucial in assessing the legality of the extradition requests and addressing the concerns raised by Kwon’s legal team. Furthermore, the announcement of Kwon’s release holds significant implications not only for his personal circumstances but also for the trajectory of Terra (LUNA) and the broader crypto market.
About Terra (LUNA)
Terra is a protocol for supporting e-commerce applications and an algorithmic stablecoin system aiming for mass cryptocurrency adoption. LUNA is the project’s native token, which serves to maintain stable prices. The Terra ecosystem is based on the desire to provide specific value to two audiences – merchants and end users. The protocol operates on a Proof of Stake (PoS) consensus mechanism, where miners need to freeze their LUNA cryptocurrency to confirm transactions on the network. The editors of Profinvestment.com offer an overview of the platform and Terra token, which are now enjoying considerable popularity.
