A legal victory for Terra’s founder, Do Kwon, triggers a surge in Terra’s value by 38%, reflecting market optimism.
The retrial ordered by Montenegro court highlights complexities in extradition proceedings, adding uncertainty to Terra’s future.
Despite Terra’s surge, indicators suggest caution due to potential overbought conditions.
With a recent 38% jump, Terra has captured the attention of the cryptocurrency community. Such increase has primarily been attributed to the latest legal development involving Do Kwon, the founder of Terraform Labs. The recent victory of Kwon in his extradition to the U.S. has been made public by the reversal of a previous court’s verdict, which now buys Kwon more time, if not ending the extradition entirely.
The Appellate Court of Montenegro’s decision to revoke the earlier extradition order gave Kwon hope, who entered a guilty plea to charges related to the fall of the Terra ecosystem. This legal victory comes amidst a tumultuous period for Kwon, who had fled to Montenegro following Terra’s downfall in mid-2022. However, his subsequent arrest on charges of possessing falsified official documents marked the beginning of a legal saga that now sees a potential reprieve.
The retrial ordered by the court signifies a crucial juncture in Kwon’s legal battle. It reflects the complexities surrounding the extradition requests from both the U.S. and South Korea. The lack of clear and valid reasons for the order of arrival of these requests has prompted the need for further deliberation by the local courts.
As earlier reported by Coinedition, Kwon’s lawyer has previously alluded to political pressure influencing the extradition proceedings, adding another layer of complexity to the case.
Despite the latest legal victory, it’s essential to note that Kwon’s extradition is not entirely off the table. The retrial postpones or potentially nullifies the extradition process for the time being. This uncertainty has undoubtedly contributed to the fluctuating dynamics within the Terra ecosystem.
The recent extradition of Han Chang-Joon, Kwon’s former CFO at Terraform, to South Korea is a stark reminder of the legal repercussions surrounding Terra’s collapse. Amidst the legal intricacies, the Terra cryptocurrency has experienced a surge in value, with its price reaching $1.18 and a 24-hour trading volume of $1.2405 billion.
Luna/USD 1-Day price chart
The significant increase of 40.95% in the last 24 hours suggests heightened investor interest. However, indicators such as the 1-Day RSI, MACD, and KST hint at potential overbought conditions and weakening bullish momentum.
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