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The cancellation of Terra (LUNA) founder Do Kwon’s extradition to the US led to a rise in related altcoins.
Terraform Labs’ founder Do Kwon, is facing the possibility of having his extradition to the U.S. cancelled by the Montenegro court overturning its previous extradition decision.
The Montenegro Court of Appeals has, according to a statement on the court’s website, cancelled an earlier decision of a court in Podgorica, returning the case file for re-trial and decision to the court of first instance. Kwon had appealed against his extradition to the U.S. due to fraud charges related to the collapse of the Terra ecosystem.
Terra collapsed in mid-2022, leading to the disappearance of billions of dollars of investor funds. Kwon fled to Montenegro following Terra’s failure, but was charged with possessing false official documents.
The U.S. and South Korean governments demanded Kwon’s extradition because of his role in Terra’s collapse.
According to the statement, the case is being retried because there were not precise and valid reasons related to the order of the arrival of extradition requests from the U.S. and South Korea.
Goran Rodic, an attorney of Kwon who is a co-founder of Terraform Labs, previously told CoinDesk that local courts were under political pressure to expedite the extradition process.
The latest legal victory for Kwon does not mean that he cannot be extradited in any way. The case will be reviewed again by the court that initially made the decision.
Terra (LUNA) On The Rise
The price of Terra Classic (LUNC) rose from 0.000186 dollars to 0.000207 dollars, an increase of more than 11%. LUNA, the token of Terra before Terra Classic, has risen 18%, and Terra USD Classic (USTC), which was once a stablecoin, has shown a 9% increase in performance.
The Terra (LUNA) price rose by 82% to 1.4909 dollars at the time of writing this news.
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