• Terra Luna founder Do Kwon will be extradited to the US, where he will face criminal charges.
  • Montenegro has privately said it is set to send Do Kwon to the US following March arrest.
  • The former crypto executive was charged in February for orchestrating a multibillion-dollar crypto fraud.
  • LUNC price has dropped 8%, while LUNA is down 5% in the aftermath of the news.

Terra Classic (LUNC) price, as well as that of Terra Luna (LUNA), continue to suffer the aftermath of legal troubles of the ecosystem’s founder, Do Kwon, following his arrest in Montenegro.

Also Read: Terraform Labs joins Utah court with threats to sanction SEC for misrepresentations

Terra ecosystem founder Do Kwon faces extradition

Terra Luna founder Do Kwon will be extradited to the US despite efforts by his legal representatives to prevent the outcome. Specifically, the lawyers had appealed a decision made in late November that approved such a handover. 

According to a report in The Wall Street Journal, a top Montenegrin justice official has privately verified the extradition plan of Kwon, with the fallen crypto executive facing criminal charges for manipulating the TerraUSD stablecoin. His unscrupulous leadership led to a $40 billion crash in the market, making prosecutors in both the United States and South Korea eager for a trial. The US Securities & Exchange Commission (SEC) charged him in February for “orchestrating a multibillion-dollar crypto asset securities fraud.” 

Kwon was arrested in February in a Montenegrin airport attempting to flee the country using falsified documents. His confiscation commenced extradition discussions, with the US and South Korea both pushing for control in the arrest. Nevertheless, he has been in custody since March.

Terra Classic, Luna react to Kwon’s arrest  

In the aftermath of the arrest, Terra Classic (LUNC) and Terra Luna (LUNA) prices have dipped 10% and 5%, respectively, with prospects for extended losses as momentum continues to fall. However, bulls continue to maintain a presence in the market, evidenced by the presence of large volumes of histogram bars on the Awesome Oscillator in positive territory.

LUNC/USDT 1-day chart, LUNA/USDT 1-day chart

At the time of writing, LUNC is trading for $0.00020566, while LUNA is selling for $1.0183.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ripple price shows signs of weakness

Ripple price shows signs of weakness

Ripple price stabilizes around $0.530 and trades within a tight range for the fourth day in a row on Tuesday. After breaking below its ascending trendline last week, XRP’s price was rejected from its daily resistance level on Monday. 

More Ripple News
Aptos price is poised for a rally following a retest of the support level

Aptos price is poised for a rally following a retest of the support level

Aptos price extends its gains on Tuesday following last week's retest of its key support zone. On-chain data further support APT’s bullish outlook, as its open interest is rising and long-to-short ratio trades are above one, all hinting at a rally in the upcoming days.

More Aptos News
Trump-related meme coins rally following high Polymarket odds and endorsement from Elon Musk

Trump-related meme coins rally following high Polymarket odds and endorsement from Elon Musk

Polymarket data on Monday revealed that Donald Trump's odds over Kamala Harris in the presidential race surged to 54%, establishing an 8% lead for the Republican candidate. Following the lead, Trump-based meme coins saw double-digit gains.

More Cryptocurrencies News
Ethereum proposal to boost transaction speed and help DEXs save $100M sparks enthusiasm in community

Ethereum proposal to boost transaction speed and help DEXs save $100M sparks enthusiasm in community

Ethereum will see a 50% speed increase and improved DEX efficiency if new proposal is approved. EIP-7781 is already getting support from key members within the Ethereum community.

More Ethereum News
Bitcoin: Is BTC sell-off over?

Bitcoin: Is BTC sell-off over?

Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.

Read full analysis
Five best Forex brokers in 2024

Five best Forex brokers in 2024

VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals. 

Read More

BTC

ETH

XRP