Extradition Battle Win For Do Kwon: Montenegro Court Decision Reversed, LUNC Jumps 13%

In a significant turn of events, a court in Montenegro has overturned the extradition order of Do Kwon, co-founder of Terraform Labs, to the United States or South Korea. The Podgorica-based Appeals Court made the decision, which cited procedural irregularities and lack of clarity in its ruling.

Timeline of Terra-luna-v2, Terra-luna

The Terra Luna Classic community made a decision to reject a proposal suggesting the burning of 800 million TerraClassicUSD (USTC). Instead, the community is exploring alternative methods for a more effective and efficient fund burn.

The Terra Luna Classic community rejected a proposal to burn 800 million TerraClassicUSD (USTC) as they look for better ways to burn these. The community believes there are easy ways to burn funds from the Risk Harbor (formerly Ozone Protocol) multisig wallet without an update and any legal consequences.

Even with positive news within the LUNC community, bearish forces seem to have a strong grip on the market. CoinGlass reports that in the past 24 hours, a total of $222,000 worth of long positions were wiped out, despite the open interest remaining positive.

Back in August 2023, the Terra Classic community passed a proposal that would see 800 million USTC incinerated. This move came about as the community worked to help the token recover and be re-pegged back to the US dollar.

The cryptocurrencies backed by the Terra Classic ecosystem, LUNC and USTC, recently amassed noteworthy attention among crypto market fanatics as the tokens showcased significant upward market trajectories on Thursday. Moreover, the rise in prices comes amid the colossal burning of USTC, stirring speculations across the broader crypto market.

Terra Classic Price Prediction: The broader market recovery hits a minor road as Bitcoin takes a temporary halt at $44500. However, the LUNC price took a major hit at this uncertainty and witnessed a sharp correction from the $0.000028.

The Terra Luna Classic community has successfully burned an impressive 85 billion LUNC tokens since May 18, 2022, marking a significant milestone in their ongoing efforts to decrease the circulating supply of LUNC. Binance, the world's largest cryptocurrency exchange, has played a substantial role in this achievement by contributing nearly 43.6 billion LUNC, representing over 51% of the total tokens burned to date.

The recent impressive market performance of Terra Classic (LUNC) has sparked renewed interest and speculation about the coin reaching the coveted $1 mark. Despite the growing speculation, it's essential to be realistic—achieving a $1 price for LUNC is unlikely to happen in the near future.

Do Kwon, the co-founder of Terraform Labs, is currently embroiled in a legal battle as he appeals the Montenegrin High Court's decision to extradite him to face criminal charges related to alleged financial crimes.

In recent weeks, LUNC (LUNA Classic), the main token on the Terra blockchain, has been making a noteworthy comeback, steadily approaching its all-time high (ATH). LUNC Price Surge: Will it Reach a New All-Time High?