Terra Tokens Plummet Post Do Kwon’s Extradition Revocation

LUNA, LUNC, and USTC, the tokens supported by the Terra ecosystem, have garnered significant interest from the global crypto community. These tokens experienced a notable surge in prices, coinciding with the recent legal developments in Do Kwon’s case as ruled by the Montenegro Appeals Court.

Do Kwon, the ex-co-founder and ex-CEO of Terraform Labs, recently received a ruling from the above-stated court, revoking his extradition to other countries for criminal trials. The revoking of Kwon’s extradition further lined up with the price surge witnessed by the Terra-backed tokens on Tuesday.

In addition, the price surge also aligns with the recovery of the broader crypto market today, coinciding with the anticipation of a Bitcoin spot ETF approval.

Do Kwon’s Appeal Impacts Terra-backed Tokens’ Price

In a gust of developments orbiting around Do Kwon’s legal chronicle, the Montenegro Appeals Court today sided with Kwon’s attorneys. According to a recent report by CoinGape Media, the Appeals Court decided to halt Terra founder Do Kwon’s extradition on December 19, fueling optimism for the Terra-backed tokens.

As per the court’s announcement, the High Court’s initial decision on the matter was proved to be incorrect as the Appeals Court spotlighted significant violations of criminal procedure provisions encircling the matter. As a result, Kwon’s extradition to countries South Korea and the U.S. were promptly revoked.

Revoking the Terra founder’s extradition to other countries soon propelled optimism for the Terra-backed tokens, as illustrated by LUNA, LUNC, and USTC price jumps however, this was shortlived.

Also read: Montenegro Court Nullifies Terra Founder Do Kwon’s Extradition Decision

LUNA, LUNC, & USTC Prices Retrace

As of writing, the Terra Price showcased a prompt dip of 2.49% over the past 24 hours, reaching $0.9416. The decline in Terra’s price was further accompanied by a dip in Terra Classic’s price, plummeting 1.07% and currently evaluating $0.0001568.
Moreover, even the USTC price witnessed a minor slump of 0.82% and is currently trading at $0.03393.

The concurrent dip in all the Terra-backed tokens comes despite the revoking of the Terra founder’s extradition. However, anticipations orbiting the approval of a Bitcoin spot ETF seem to have weakened the downswing with a rally looming.

Moreover, although the Terra community recently rejected a colossal USTC burning proposal, current market sentiments for the crashed tokens seem otherwise.

Also read: Justin Sun Withdraws 577 Bln SHIB From Binance As Shiba Inu Price Soars