In a surprising turn of events, the Montenegro Appeals Court has ruled in favour of Do Kwon, the ex-co-founder and ex-CEO of Terraform Labs, revoking his extradition for criminal trials in South Korea and the U.S. This legal development has significantly impacted the prices of Terra-backed tokens, including LUNA, LUNC, and USTC, sending them on an upward trajectory.
Montenegro favors Do Kwon
The Montenegro Appeals Court sided with Kwon’s attorneys, citing significant violations of criminal procedure provisions in the High Court’s initial decision. The court’s decision to halt Kwon’s extradition has fueled optimism in the Terra ecosystem, reflected in the notable price surges of Terra-backed tokens on Tuesday.
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Terra Classic surges over the past 24 hours
As of the latest update, the Terra Price has experienced a rapid 11.71% increase over the past 24 hours, reaching $0.9753. This surge was mirrored by Terra Classic, with a 13.07% increase, currently evaluating at $0.0001662. Additionally, the USTC price saw a substantial jump of 7.46%, now trading at $0.03513.
The simultaneous rise in all Terra-backed tokens is attributed to the positive legal outcome for Do Kwon, instilling confidence among investors and the crypto community. The court’s decision coincides with the broader crypto market recovery and the anticipation of a potential approval for a Bitcoin spot ETF.
While the Terra community recently rejected a significant USTC burning proposal, market sentiments for the tokens have taken a positive turn following the legal developments. The revoked extradition has not only provided relief for Do Kwon but has also contributed to renewed enthusiasm for the Terra ecosystem, reflected in the impressive price movements of LUNA, LUNC, and USTC.