Terra-backed Tokens Soar in Price After Do Kwon’s Extradition Ruling
Do Kwon, the former co-founder and CEO of Terraform Labs, recently received a ruling from the Montenegro Appeals Court that revoked his extradition for criminal trials in other countries. This decision coincided with a significant price surge in tokens backed by the Terra ecosystem, namely LUNA, LUNC, and USTC.
Appeals Court Halts Do Kwon’s Extradition
The Montenegro Appeals Court sided with Do Kwon’s attorneys and halted his extradition on December 19. The court found significant violations of criminal procedure provisions in the High Court’s initial decision, leading to the revocation of Kwon’s extradition to South Korea and the U.S.
Terra-backed Tokens Experience Price Jumps
Following the revoking of Do Kwon’s extradition, the prices of LUNA, LUNC, and USTC witnessed substantial increases. Terra saw a rise of 11.71% over the past 24 hours, while Terra Classic soared 13.07%. USTC also experienced a notable jump of 7.46%.
Market Sentiments Remain Positive for Terra-backed Tokens
The surge in prices can be attributed to both the legal developments surrounding Do Kwon’s case and the anticipation of a Bitcoin spot ETF approval. Despite a recent rejection of a USTC burning proposal by the Terra community, current market sentiments indicate optimism for these tokens.
Hot Take: Terra-backed Tokens Benefit from Legal Victory
The recent ruling halting Do Kwon’s extradition has had a positive impact on tokens backed by the Terra ecosystem. With prices surging and market sentiments remaining optimistic, it seems that the legal victory for Do Kwon has generated renewed interest in these tokens. Additionally, the anticipation of a Bitcoin spot ETF approval has further contributed to the upward trajectory. As the crypto market continues to evolve, it will be interesting to see how these developments shape the future of Terra and its associated tokens.
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