O LUNC and USTC prices both saw a considerable increase in the previous day. But while there has been a bit of a recovery in the crypto market, another reason is behind this rise in price and it has everything to do with the currently incarcerated founder of the Terra blockchain, Do Kwon.
Founder of Earth is released
Do Kwon, the founder of the billion-dollar Terra blockchain, which collapsed in 2022, has been jailed in Montenegro for months after being detained with fake travel documents. Since then, there have been numerous efforts by the governments of the United States and South Korea to have the founder extradited for prosecution in their respective countries, without success.
Between the two countries disputing extradition, there was reports that the Montenegrin court is inclined to extradite him to South Korea to face charges over the blockchain collapse. Despite this, the founder remains in Montenegro, as a final decision has not yet been made on his extradition.
While the courts deliberated on where to send the founder, Do Kwon was finally released from prison in Montenegro. According to publicity reports, Do Kwon is expected to remain in the country until the courts decide his fate.
Prison boss Darko Vukcevic confirmed the release of Do Kwon from prison by saying that the disgraced founder served the entire sentence for false travel documents. He was reportedly released on Saturday, March 23, and is currently under house arrest.
LUNC and USTC react to Kwon’s release
USTC and LUNC prices reacted positively to news of Do Kwon being released on Saturday. After the news circulated, the prices of both altcoins saw a significant increase, turning green despite the crypto market continuing to struggle.
O Lunch price saw a jump of more than 10% from Sunday’s lows of $0.00015, reaching $0.000172 before correcting lower again. In the same vein, the USTC Price also recorded a 10% increase during this period, rising from $0.028 to a peak of $0.031.
So far, both altcoins managed to maintain their gains in the last day, which could signal a continuation of the uptrend. At the moment, there is not much resistance for both assets and if Bitcoin continues to rise, both USTC and LUNC are expected to follow.
At the time of writing, LUNC is trading at $0.0001672, with a gain of 9.4% in 24 hours, and USTC is trading at $0.0303, with a gain of 24 hours of 5.39%, according to data from Coinmarketcap.
LUNC price rises to $0.00016 | Source: LUNCUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
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