Montenegro increases detention of Terra Co-founder for next 2 months

Reportedly Do Kwon is under huge hurdles because the US authorities are trying their best to keep him away from his native country. 

Do Kwon is the core Terraform Labs co-founder. Terraform Labs was responsible for crypto products TerraUSD stablecoin & Terra (Luna), both of these two collapsed badly in May 2022. The majority of the investigations found that the project leaders were misusing their power against people’s money. The US authorities also initiated charges against Terra co-founders in early of this year. 

As we know in early of this year Tera co-founder Do Kwon was caught in Montenegro and there he was subjected to jail punishment for using forged identity documents. 

On 12 Dec 2023, Bloomberg reported that Montenegro judicial bodies extended Kwon’s detention for the next 2 months on behalf of US & South Korean authorities. 

Now in this time frame, Montenegro’s Minister of Justice will decide which country to extradite.

Some people called it not more than a political drama showing fake action against a fraudster. 

However, the enforcement authorities from the US as well as South Korea are eagerly waiting for Kwon’s extradition to their corresponding jurisdiction but it seems the US will succeed in extraditing him to the US.

Last week some top media reports claimed that the Montenegro authorities were in private talks with the United States Securities and Exchange Commission (SEC) to directly send Kwon into US jurisdiction. 

Lunch, Luna, & pump 

After the failure of Luna coin & TerraUSD stablecoin, the Terraform labs left Luna & TerraUSD and launched a new Luna coin.

The old Luna coin was renamed as Lunc coin. In the last 30 days, the trade price of Lunc coin surged 110%, as a part of crypto bull momentum.

This token is supported by many crypto proponents and some crypto exchanges including Binance, which proposed the concept of burning the Lunc supply using a trade fee method.

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