Luna Classic price rallies by 17% as Terra founder Do Kwon wins extradition ruling

Luna Classic price increased in response to Do Kwon’s win in an extradition ruling. The founder of Terra, who was arrested earlier this year, had been fighting the approval of extradition that could have sent him to either the United States or South Korea. 

Terra founder Do Kwon remains in Montenegro

The Appellate Court of Montenegro issued a decision on December 19, accepting the appeal of Terra founder Do Kwon to abolish the previous ruling of the Podgorica High Court, which approved his extradition. Do Kwon’s lawyers appealed the High Court’s ruling after he stated that he did not accept the decision and thus would not submit to the same.

The Court of Appeals chamber noted that since the decision lacked decisive facts and the reasons given for the extradition were unclear, the ruling was quashed. Consequently, Do Kwon will now remain in detention until February, after which the decision regarding whether the Terra founder will be sent to the US or South Korea will be taken.

Montenegro’s justice minister, Marko Kovač, will be the final decider in the case of Do Kwon’s extradition since both countries are currently vying to bring the disgraced executive to be charged for multiple criminal charges.

Earlier this year, Do Kwon was arrested in Montenegro for falsifying documents, which concluded the months-long chase of ascertaining the Terra founder's whereabouts.

Luna Classic price shoots up

Luna Classic price briefly rallied following the abolition of Do Kwon’s extradition, noting a 17.5% rise during the intra-day trading hours. This increase, however, soon corrected, and at the time of writing, LUNC was up by just 6.4% in the past 24 hours.

LUNC/USDT 1-day chart

Trading at $0.0001577, the altcoin continued its downtrend that began in early  December, which has brought the cryptocurrency down by almost 40% from $0.0002575. With the price indicators suggesting bearishness in the case of LUNC, Luna Classic price could see further decline, potentially erasing the gains of November and pushing the altcoin to $0.0001000.