In the past 24 hours, the digital currencies LUNC and USTC experienced an unexpected surge in value. While the volatile cryptocurrency market may have played a part in this upswing, one notable circumstance has recently transpired that’s largely associated with the windfall: the release from incarceration of Terra blockchain founder, Do Kwon.
The highly publicized controversy surrounding Do Kwon, the ingenious mind behind the billion-dollar Terra blockchain which spectacularly imploded in 2022, has captured the world’s attention. The story got more entangled when Kwon was detained in Montenegro months ago, after being apprehended with fraudulent travel documents.
Throughout his incarceration, there have been tireless efforts by both the United States and South Korean governments to have Kwon extradited to their home soils, intending to prosecute him for his role in the blockchain collapse. However, these requests have so far been fruitlessly acknowledged by the Montenegrin court.
Amidst intense international wrangling, it has surfaced that Montenegro might succumb to the pressure from South Korea, and ship Kwon back to his homeland to face charges. However, the entrepreneur remains in legal limbo, as yet, no resolution has been reached.
While stances ebb and flow, an important development transpired: Do Kwon was recently released from his holding cell in Montenegro. As per the first-hand reports, Kwon is expected to tread the Montenegrin ground, under strict restrictions, until his fate is sealed by the courts.
Confirming Kwon’s release, Prison Chief Darko Vukcevic conveyed that Kwon has served his full sentence connected to the forged travel documents. According to Vukcevic, Kwon was released on Saturday, March 23, and is now under house arrest in the country.
News of Do Kwon’s release rippled through the cryptocurrency world, resulting in a palpable bump in the prices of USTC and LUNC. Following the announcement of Kwon’s release, a wave of optimism sent values of both digital currencies skyrocketing, a stark contrast to the depressive cryptocurrency market.
In particular, the LUNC cryptocurrency experienced an exhilarating lift, ascending over 10% from a dismal Sunday low of $0.00015 to a delightful high of $0.000172. In a similar fashion, the digital asset USTC chalked up a 10% increase, rising from $0.028 to a memorable climax of $0.031.
Both LUNC and USTC have impressively held on to these gains over the last 24 hours, potentially setting the stage for a sustainable surge. At the moment, there is minimal resistance impeding the progress of these cryptocurrencies. If Bitcoin, the sector’s bellwether, continues to rally, the ascension of LUNC and USTC is expected to follow suit.
As per the latest data from Coinmarketcap, LUNC is trading at $0.0001672, displaying a 24-hour yield of 9.4%. In parallel, USTC shows a trading price of $0.0303, with a 24-hour profit of 5.39%. The future may hold exciting prospects for these cryptocurrencies as the wheels of justice turn for Do Kwon and the Terra blockchain.
