% 0.84
BTC Dominance:
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
$ 64.236
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Terra Luna Founder Do Kwon Released to House Arrest, LUNA and LUNC Prices Surge

Terra Luna

Do Kwon, the founder of the Terra (LUNA) ecosystem, has been released to house arrest by a Montenegrin court after nearly a year in detention.

The court’s decision comes after previous reports suggested that Kwon would be extradited to South Korea rather than the United States. However, this decision was suspended by the Montenegrin court in light of recent developments.

The lenient sentence for Kwon has sparked a surge in the prices of related cryptocurrencies. LUNA and LUNC, the two main tokens associated with the Terra ecosystem, have seen increases of 15% and 11%, respectively.

Kwon’s Terra Luna and TerraUSD projects collapsed in May 2022, along with Terra’s algorithmic stablecoin UST, causing billions of dollars in losses for investors.

The fact that Kwon has not been severely punished after causing billions of dollars in losses to investors has drawn criticism from the cryptocurrency community.

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READ:  Luna Coin Review and Future: The Historic Victory of Do Kwon

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