Over the course of the intraday trading hours, the price of Luna Classic increased by 22%, reaching $0.000178 before subsequently correcting.
Do Kwon, the creator of Terra, was granted a favorable ruling by the Appellate Court of Montenegro shortly after his legal representatives urged that the extradition be revoked.
It was pointed out by the court that the decision to extradite Do Kwon does not have any justification for conclusive facts, and the explanations that were provided are not clear.
Due to the fact that Do Kwon was successful in an extradition judgment, the price of Luna Classic saw a surge. The creator of Terra, who was taken into custody earlier this year, has been battling against the granting of extradition, which would have transported him to either the United States of America or South Korea.
Do Kwon, the creator of Terra, is still resided in Montenegro.
Do Kwon, the creator of Terra, filed an appeal with the Appellate Court of Montenegro on December 19, and the court granted his request to overturn the previous order of the Podgorica High Court, which had authorized his extradition. Do Kwon's legal team filed an appeal against the judgment made by the High Court after the client made it clear that he did not agree with the decision and would not comply with any of them.
The chamber of the Court of Appeals made the observation that the verdict was overturned because it did not contain any facts that could be considered conclusive and the grounds that were provided for the extradition were not clear. As a consequence of this, Do Kwon will continue to be held in jail until the month of February. Following this milestone, a decision will be made regarding whether the creator of Terra will be transferred to the United States or South Korea.
In the issue of Do Kwon's extradition, the ultimate decision will be made by Marko Kovač, the minister of justice in Montenegro. This is due to the fact that both nations are presently competing to extradite the disgraced CEO to be charged with several criminal offenses.
At the beginning of this year, Do Kwon was taken into custody in Montenegro for the purpose of falsifying paperwork. This marked the conclusion of the months-long investigation into the location of the originator of Terra.
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The cost of the Luna Classic skyrockets
Following the decision to overturn Do Kwon's extradition, the price of Luna Classic experienced a short surge, with a 22% increase recorded during the trading hours of the daily trading session. This surge, on the other hand, was quickly rectified, and as of the time this article was written, $LUNC had only increased by 6.4% in the previous twenty-four hours.
The altcoin continues its downward trend that started at the beginning of December, which has resulted in the cryptocurrency falling by about forty percent from its previous price of $0.0002575. It is currently trading at $0.0001577. Due to the fact that the price indications are indicating that LUNC is in a negative position, the price of Luna Classic may see a further decrease, which may potentially wipe out the gains that were made in November and bring the alternative cryptocurrency under $0.0001000.
