After the meaningless rise of LUNA Coin, it started to fall.
A decision has finally been made regarding Do Kwon, who caused a major collapse in the cryptocurrency markets in 2022. For months, cryptocurrency investors have been waiting for Do Kwon to be extradited from Montenegro. However, each time the decision was canceled for various reasons and new extradition decisions were made. Now the process has come to an end.
Do Kwon Son Minute
Do Kwon, the founder of Terra (LUNA) and UST, had previously launched an algo stablecoin anonymously, but just like the last time, this project also failed. The collapse of LUNA caused one of the biggest cryptocurrency collapses in history. Afterwards, Kwon fled to Montenegro, and his whereabouts were unknown for a long time. However, he was suddenly arrested in Montenegro, and then extradition requests from South Korea and the US came to the fore.
The local court ruled for extradition, but the higher court overturned the decision. Then, the decision was once again stuck with the Ministry, and almost 10 extradition decisions were made and overturned. But finally, the end of the road was in sight for Do Kwon.
Montenegro’s Justice Minister has approved the extradition of Do Kwon to the US. Kwon will soon be sent to the US where he is expected to serve his sentence. It is also thought that South Korea may also apply to the US for Kwon’s extradition.
LUNA Coin has been on the decline since it gained around 4% following the news of Kwon’s return. It is currently trading above $0.4. The long-term risks of LUNA Coin have been frequently mentioned before.