Do Kwon was released from jail in Montenegro and this news acted as a very big catalyst for the Luna coin trade price.
Do Kwon is a Co-founder of Terraform Labs, a blockchain firm responsible for the origin of Luna coin, TerraUSD stablecoin. Both of these two tokens collapsed badly in May 2022. Later Terraform Labs launched a new Luna coin without any stablecoin project.
In early 2023 he was caught by the Montenegro police with forged documents & since then he has been in jail.
On 23 March 2024, Bloomberg reported that Do Kwon was finally released from Montenegro jail.
Indeed the court approved his release decision as a part of extradition requests from US and South Korean authorities in connection with the Luna crypto scam.
South Korean crypto fugitive Do Kwon has been released from prison in Montenegro https://t.co/CAe1k3syXO
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— Bloomberg Technology (@technology) March 23, 2024
Kwon’s representative lawyer Goran Radic, has also verified his release news. He also disclosed that Kwon’s passport has been retained by the Montenegro authorities to restrict his ability to depart the country.
Now in this situation, no one is sure whether he will be extradited to the US or his native country, South Korea. However, his representative lawyers aim to bring him back to his country but the US authorities are also trying their best to bring him into the US Jurisdiction so that they can proceed the investigation of the criminal charges against him in connection with Luna coin fraud.
According to the United States Securities and Exchange Commission (SEC) Luna coin & stablecoin was promoted in the US jurisdiction without any permission & also all those offerings were unregistered security tokens. Furthermore, the SEC’s initial investigation found that Luna & TerraUSD stablecoin were not linked with any automatic protocol, instead, there was a paid company which was manipulating the trade price of Luna coin & Luna stablecoin.
Following the news related to Do Kwon’s release from jail, the trade price of the Luna coin reacted significantly. The current trade price of Luna coin has been nearly 25% higher over the last 24 hours.
Read also: Apple’s M-series processors could have dire implications for crypto users
Luna coin trade price surges 25% following release news of its co-creator from jail
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