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- 1 Do Kwon, the founder of collapsed Terraform Labs, will be extradited to the U.S., the High Court of Montenegro said.
- 2 The police authority of Montenegro has detained Kwon and the company’s former finance minister at Podgorica airport.
- 3 Terra (LUNA) is trading at $0.672 as of writing; the price is 96.46% lower in all time frames.
Do Kwon, the cofounder of Terraform Labs, will be handed over to the concerned regulatory of the United States. The High Court of Montenegro approved Kwon’s extradition to the U.S.
The High Court concluded Kwon’s extradition after reviewing all the points and facts presented by South Korean and United States regulators.
Earlier in the first quarter of 2023, the company’s co-founder and the former finance officer of Terraforms Labs were detained at the Podgorica airport. As per the officials, he was charged with forging official documents, including two passports.
In June 2023, the court sentenced Kwon to four months of imprisonment over the charges of document forgery. Following the unprecedented demise of TerraLUNA, the preliminary claim was that the collapse of algorithmic stablecoin wiped out Billions in crypto within a few weeks.
Crunchbase states that Terra has invested in 14 companies, including Flipside Crypto, Leap Wallet, C2X, Hex Trust, Ramper, Suberra, Qredo, Burnt, Staader Labs, and Pulsar Finance.
Terra’s diversity investment includes CoinAlpha, Inc. It is crucial to note it acquired Pulsar Finance in November 2023 for an undisclosed amount. Before its crash, TerraLUNA was among the most traded stablecoins available in the market.
Despite his arrest and the downfall of his companies, several data sources claim that Kwon still holds Millions of dollars.
Market Price Update
CoinMarketCap’s data states that Terra (LUNA) is trading at $0.672 as of writing; the prices are 96.46% higher than in all time frames. However, the original Terra has been renamed Terra Classic (LUNC).
Terra Classic (LUNC) lost 99.99% of its trading price in all time frames, although it is trading at $0.0001225. The coin has a trading volume of $56,544,972, and its market capitalization is $709,653,691.
Over the past few weeks, the market cap of the crypto sector has surged over 10% and is $1.97 Trillion when writing. Earlier on February 21, the market cap crossed the much-awaited milestone of $2 Trillion. Still, a steep decline in trading volume was seen in the market cap on the opening on February 22.
Bitcoin, the market leader, is among the most profitable cryptos, as its prices spiked over 33.00% in the past 30 days. Ethereum, the second most talked about token in the market, grew 91.93% in the past month.
BTC price growth and even the volatility in general has been associated with the 4th Bitcoin halving which is likely to occur in April 2024. However, others claim that the yet-to-be-approved Ether spot ETF pumps the hype.
The tentative or claimed date of Ether spot ETF approval is May 2024, but the filed applications might get rejected in the first round of the application and approval process.
Bitcoin spot ETF was approved by the Securities and Exchange Commission of the United States in January 2024. The approval from the regulators at the beginning of 2024 has boosted the confidence of the crypto moguls and investors.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
