Do Kwon, the founder of Terra (LUNA), has been released to house arrest, as reported by ZyCrypto, leading to a significant 26% surge in the cryptocurrency price.
Montenegro’s authorities have announced that Do Kwon’s sentence will be commuted, allowing him to leave prison. Kwon, convicted of forging personal documents, will now be released.
This development has not only impacted the price of LUNA but has also raised questions about the future of the cryptocurrency and its founder.
Do Kwon’s release to house arrest comes after months of legal proceedings and uncertainty surrounding his extradition to South Korea or the United States.
The decision has sparked a positive reaction from investors, leading to a notable increase in the price of LUNA. At the time of writing, LUNA is trading at $1.13, marking a 26% increase over the last 24 hours, according to CoinMarketCap and TradingView data.
Terra (LUNA) Market Outlook
The surge in price has also been reflected in Terra’s market capitalization, which has risen to $780 million. This places LUNA at the 114th position in the market cap rankings. The 24-hour trading volume has also seen a significant increase, exceeding $394 million, representing a 270% surge.
LUNA has shown impressive price performance over the past week, with a 20% increase and a remarkable 70% increase over the past month. This growth highlights LUNA’s growing popularity and potential in the cryptocurrency market.
Do Kwon’s Legal Process and Extradition Requests
The legal proceedings surrounding Do Kwon have been complex, involving charges of fraud and the use of a fake passport. The extradition requests from the United States and South Korea added to the uncertainty surrounding Kwon’s fate.
However, with the decision to release him to house arrest, the focus now shifts to how this will impact the extradition process and the stance of the requesting countries.
Do Kwon’s release to house arrest has significantly impacted LUNA’s price and market cap, with the cryptocurrency experiencing a surge in trading volume and investor interest.
The future of LUNA and its founder remains uncertain, but investors are now optimistic about the cryptocurrency’s potential for a major comeback.