As a seasoned crypto investor with a knack for navigating the turbulent waters of digital currencies, I can’t help but feel a mix of emotions as I write this piece. The extradition of Do Kwon to the United States signifies a significant turning point in the saga that has been Terraform Labs and the collapse of the Terra-LUNA ecosystem.
Having personally invested in LUNC, I’ve watched its rollercoaster ride with bated breath, hoping for a miraculous recovery. The recent developments, however, have left me with a sense of cautious optimism. The ongoing efforts to improve the protocol, such as the Binance-backed LUNC upgrade and the LUNC token burning campaign, give me hope that there might be light at the end of the tunnel.
However, I can’t shake off the feeling of déjà vu. It seems history has a habit of repeating itself in the crypto world. The question on everyone’s mind is: Will this time be different? Only time will tell.
In the meantime, I find solace in the words of Montenegro’s Prime Minister Milojko Spajic, who so aptly puts it: “Our nation WELCOMES INNOVATION and legitimate crypto, AI and other tech entrepreneurs – but we have ZERO TOLERANCE FOR FRAUD.”
As for a joke to lighten the mood, let’s just say that if the price of LUNC ever reaches my initial investment again, I might just retire early. But hey, who am I kidding? In crypto, you never know!
After several months of doubt, Do Kwon – co-founder and ex-CEO of Terraform Labs who was previously residing in Montenegro – has been handed over to the United States authorities. This transfer was confirmed by Vijesti’s report, which stated that it occurred on December 31 at the Podgorica Airport border checkpoint. Interestingly, the U.S succeeded in their extradition request despite South Korea, where Do Kwon holds citizenship, making a strong case for his custody.
The Do Kwon Extradition Dilemma
Based on Vijesti’s report, the founder of Terraform Labs is being extradited with assistance from Interpol officials in Podgorica and Montenegro’s Special Police Unit. This collaboration finalized a process that started as early as September 14, 2022.
Last week, a contentious legal dispute over extradition concluded with the U.S. as the victor. This decision was made when Minister of Justice Bojan Bozovic signed the necessary extradition papers, in line with an earlier court verdict. Since Do Kwon’s arrest in Montenegro on March 2023, there have been a series of rulings addressing his challenges to being extradited.
Due to an appeal filed by the co-founder of Terraform Labs, the extradition procedure encountered a delay at one point. However, Prime Minister Milojko Spajic has now officially confirmed the extradition process.
Today, Montenegro finalized the handover of Do Kwon to the U.S., allowing him to stand trial for his actions in the Terra/Luna case. Our country embraces innovation and legitimate crypto, AI, and tech entrepreneurs; however, we firmly oppose fraudulent activities. This extradition underscores our commitment…
— Milojko Spajić (@MickeySpajic) December 31, 2024
Through this extradition to the U.S., he will be held accountable for allegations closely tied to the downfall of the Terra-LUNA digital economy.
What Next for Terra Classic?
In 2022, when the Terraform Labs ecosystem under the leadership of Do Kwon fell apart, it resulted in a split or fork that produced Terra Classic and Terra. The newly developed protocol was represented by LUNA, while LUNC retained its original characteristics, but with a significantly reduced supply due to dilution.
The ecosystem is constantly experimenting with various strategies to boost the worth of LUNC, such as a LUNC upgrade supported by Binance. The significant v3.3.0 update for Terra Luna Classic streamlines tax management by automatically deducting it from the amount sent before it arrives in the recipient’s wallet. This update aims to improve security and overall user-friendliness of the protocol.
Additionally, the LUNC token destruction initiative is progressing, as 50 million units have been transferred to an inactive wallet. It’s hoped that this deflationary move could boost the price of LUNC over the long haul.
As of writing, the price of Terra Classic was pegged at $0.0001088, down by 2.2% in 24 hours.
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2024-12-31 21:16