Why Did LUNA-LUNC-USTC Price Surge? Here are All That is Known

Terra Classic (LUNC), Terra USD (USTC) and Terra (LUNA) prices experienced a slight increase with the recent news.

The rises came after Vijesti, a local newspaper based in Montenegro, claimed that the sentence of Do Kwon, the founder of the altcoins in question, would be commuted to house arrest and Kwon would be released.

The Terra (LUNA) ecosystem experienced a collapse in May 2022 and deleted approximately $40 billion worth of assets from the cryptocurrency market. A significant portion of the cryptocurrency world thinks that Do Kwon is a scammer running a Ponzi scheme. Kwon printed billions of additional LUNA tokens to maintain the stability of his stablecoin called UST at $ 1, causing the value of this altcoin to almost zero.

However, Kwon was caught trying to leave Montenegro with a fake passport. Since then, both the United States and South Korea have requested Kwon's extradition, but Montenegrin officials have not yet made a decision. Kwon's lawyers favor extradition to South Korea, where sentences are lighter.

LUNA fiyatının gelişmenin ardından yaşadığı yükselişi gösteren grafik.

LUNC fiyatının gelişmenin ardından yaşadığı yükselişi gösteren grafik.

Graph showing the rise in USTC price following the development.

*This is not investment advice.