Do Kwon’s extradition ordeal has concluded, as the Terraform Labs Founder is currently en route to the United States with the assistance of Interpol.
Do Kwon, the former CEO and co-founder of Terraform Labs, has been extradited from Montenegro to the United States after months of uncertainty. The transfer from local authorities occurred at the Podgorica Airport border crossing on December 31, according to a report by Vijesti. In the interim, the United States successfully obtained Do Kwon’s extradition, even though South Korea, where he resides, made a strong effort to secure his release.
The Do Kwon Extradition Dilemma
The NCB Interpol Podgorica officials assisted the Terraform Labs founder in facing extradition, as indicated by the Vijesti report. The extradition was successfully concluded through the collaboration of Interpol and the Montenegro Special Police Unit. As early as September 14, 2022, this action signifies the conclusion of a process.
The United States prevailed in the contentious extradition dispute that concluded last week. As the extradition orders were signed by the country’s Minister of Justice, Bojan Bozovic, this decision confirmed a previous court decision. A series of rulings regarding Do Kwon’s extradition hurdles have been issued since his arrest in Montenegro in March 2023.
The extradition process was delayed due to the appeal filed by the co-founder of Terraform Labs. Prime Minister Milojko Spajic has now authorized the extradition.
He will be subject to charges directly associated with the collapse of the Terra-LUNA ecosystem due to his extradition to the United States.
What is the future of Terra Classic?
In 2022, the Terraform Labs ecosystem collapsed under the leadership of Do Kwon, resulting in a fork in the protocol that resulted in the establishment of Terra Classic and Terra. Although LUNA introduced the new protocol, LUNC maintained the original features, albeit with a significantly diminished supply.
The ecosystem has continued experimenting with various methods to reestablish the value of LUNC, such as a LUNC upgrade backed by Binance. The Terra Luna Classic major v3.3.0 upgrade streamlines tax management by automatically deducting it from the sent amount before it arrives in the recipient’s wallet. This upgrade aims to improve the security and overall usability of the protocol.
Beyond this, the LUNC token-burning campaign is also progressing, as a new 50 million stash has been sent to a dead wallet. These deflationary shifts are anticipated to contribute to the long-term recovery of the price of LUNC.
The price of Terra Classic was $0.0001088, down by 2.2% in the past 24 hours at the time of writing.
