Do Kwon's Prison Release Sparks Surge in Luna Classic (LUNC) and TerraClassicUSD (USTC)

The prices of LUNC and USTC have surged due to the release of Do Kwon, the imprisoned founder of the now-defunct Terra blockchain. Despite the ongoing market struggles, the announcement of Kwon's release on Saturday propelled both altcoins by over 10%. LUNC is currently trading at $0.0001672, while USTC is trading at $0.0303, indicating a potential continuation of the uptrend.

Terra's Do Kwon Released from Prison: LUNC and USTC Surge in Value

Montenegro, March 23, 2023 - The prices of the once-beleaguered cryptocurrencies Luna Classic (LUNC) and TerraClassicUSD (USTC) have experienced a significant uptick following the release of Do Kwon, the incarcerated founder of the collapsed Terra blockchain protocol, from a Montenegrin prison.

Kwon's Release and Impending Extradition

Kwon, who was apprehended in May 2022 with forged travel documents, has been detained in Montenegro for months. Both the United States and South Korea have sought his extradition for prosecution related to the collapse of Terra in May 2022. However, a Montenegrin court is reportedly leaning towards extraditing Kwon to South Korea.

Despite this looming threat, Kwon has secured his release from prison after completing his sentence for using fake travel documents. He remains in Montenegro under house arrest while the court deliberates on his extradition.

LUNC and USTC Respond Positively

The news of Kwon's release has had an immediate impact on the prices of LUNC and USTC. Both altcoins have experienced double-digit percentage gains in the past 24 hours.

LUNC, which had been languishing below $0.00015, has surged by over 10%, reaching a high of $0.000172 before consolidating around $0.000167. USTC has also gained over 10%, rising from $0.028 to a peak of $0.031 before settling at $0.0303.

Analysts' Outlook

Analysts believe that the release of Kwon, regardless of his eventual extradition, is a positive sign for the Terra ecosystem. It suggests that the legal proceedings surrounding the Terra collapse are moving forward and that there is a possibility of resolution for investors who lost billions when the blockchain imploded.

Moreover, the gains in LUNC and USTC could indicate a return of confidence in the Terra ecosystem. If Bitcoin's price continues to rise, it is likely that both LUNC and USTC will follow suit.

Cautionary Note

While the recent price increase in LUNC and USTC is promising, investors are urged to exercise caution. The cryptocurrency market remains volatile, and the ongoing legal proceedings involving Do Kwon could still have a significant impact on the value of the assets.

Before investing in any cryptocurrency, it is essential to conduct thorough research and understand the risks involved.