After months of uncertainty, Do Kwon, co-founder and former CEO of Terraform Labs, was extradited from Montenegro to the United States. According to Vijesti, the transfer occurred on December 31 at the border gate of Podgorica Airport. Despite South Korea’s efforts to secure his arrest, Kwon was returned to the U.S.
As reported by Vijesti, the founder of Terraform Labs received support from NCB Interpol Podgorica during the extradition process. Interpol collaborated with the Montenegro Special Police Unit to complete the extradition. This movement marks the conclusion of a process that began on September 14, 2022.
The controversial extradition process concluded with the signing of extradition orders by the country’s Minister of Justice, Bojan Bozovic. The process regarding Kwon’s extradition, who was arrested in Montenegro in March 2023, continued through a series of court decisions.
Today, Montenegro completed the extradition of Do Kwon to face charges in the Terra/Luna case. Our country welcomes innovation and legitimate crypto entrepreneurs, but we have zero tolerance for fraud.
— Milojko Spajić (@MickeySpajic) December 31, 2024
Do Kwon was extradited to the U.S. based on a previously signed “extradition agreement” between the U.S. and Montenegro. No such agreement exists between South Korea and Montenegro.
Future of LUNA and LUNC
Following the collapse of the Terraform Labs ecosystem led by Kwon in 2022, the protocol split into Terra Classic and Terra. While the new protocol continues as LUNA, Terra Classic preserved LUNC’s original features, although its supply significantly increased.
The ecosystem has tried various methods, including a Binance-supported update, to recover LUNC’s value. The Terra Luna Classic major v3.3.0 update aims to enhance security and improve overall protocol usability.
Additionally, a burning campaign for LUNC tokens is ongoing, with 50 million tokens sent to a burn wallet. This deflationary move is expected to revive LUNC’s price in the long term. If burning continues at the same rate for 100 years, LUNC could return to its former glory. However, despite the burn announcements, they have not significantly impacted supply but continue to excite a few speculative investors.
At the time of writing, Terra Classic is trading at $0.0001088, having lost 2.2% in value over the past 24 hours.
In conclusion, Kwon’s extradition and the developments surrounding Terra Classic continue to shape the dynamics of the cryptocurrency market. Stakeholders are closely monitoring these changes to update their strategies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
