With the shadow of uncertainty cast by the Terra crash, the world awaits closure. Terraform Labs co-founder Do Kwon will be sent to his home country of South Korea to stand trial for the multi-billion dollar implosion of his Terra-Luna crypto venture in May 2022.
This news has already led to a 5% price increase for LUNC. Can Terra Luna Classic recover?
Do Kwon Extradited To South Korea
Do Kwon previously successfully avoided extradition to the United States after a Montenegrin court recognized that South Korea’s extradition request had been submitted before that of the US.
In this light, Montenegro’s Court of Appeal indicated on March 20 that it had upheld a decision by the country’s highest court, allowing Terra’s creator to be deported to his native South Korea.
“In deciding the appeal of the defendant’s defense, the Chamber of the Court of Appeal assessed that the court of first instance had correctly found that the request from the Republic of South Korea had been received earlier in order of arrival compared to the US request,” the appeals court said on Wednesday. “[Het] made a decision allowing the extradition of accused Do Kwon to South Korea.”
In its heyday, Terra was very popular in the decentralized finance sector and was the second largest blockchain, behind only Ethereum. Furthermore, the network’s governance token, LUNA, had secured a spot among the top 10 cryptocurrencies.
However, the Terra ecosystem imploded in 2022 — wiping out more than $40 billion of investor money and causing a severe bear market. Many crypto projects exposed to Terra were later forced to file for bankruptcy.
Kwon Risks 40 Years In South Korean Prison
Kwon was arrested in Montenegro while trying to flee to Dubai with forged travel documents. He has since been charged with a series of charges by authorities in both South Korea and the US.
After Montenegro approved his extradition to the US in November, his defense team managed to block the deportation from the Balkan country. Wednesday’s decision now seals his extradition to South Korea, preventing the U.S. or Kwon from further challenging the decision.
If found guilty, Kwon could face an unprecedented verdict for a financial crime in the Asian country. South Korean prosecutor Dan Sunghan revealed last year that the discredited crypto mogul could face up to 40 years in prison.
Can they fix it AWAY?
In the past month alone, LUNC is up over 100% and currently has a market cap of over $1 billion. Retail should be aware that it can rise more and deliver over 25x earnings in this 2024-25 bull market, but current tokenomics are not favorable.
As of March 2024, the price of the Luna Classic token is $0.0002164 with a market cap of $1.2 billion. In the last bull market, the LUNA project peaked with a market cap of $40 billion. If we assume an optimistic scenario where the market remains bullish until the end of 2025, then reaching a market cap of $50 billion could be possible for LUNC, which would result in a price of $0.01.
The question of whether LUNC can recover remains an exciting one, but it is also important to look at other emerging cryptos, especially those still in the presale phase.
Green Bitcoin (GBTC)
Green Bitcoin (GBTC) bills itself as an eco-friendly alternative to Bitcoin, using the Ethereum blockchain to offer investors the opportunity to enjoy consistent returns while promoting sustainability.
By using GBTC staking, investors can acquire additional tokens without making any active efforts. In addition, there is an opportunity for those who can accurately predict the price of Bitcoin to make significant profits. Investors can choose from two staking options: a standard variant or a ‘predict and earn’ variant, which potentially offers higher returns.
During the presale phase, Green Bitcoin is available at a price of $1.10. By staking tokens at this stage, investors can earn an annualized rate of return (APY) of 83%. The presale has raised $7.6 million to date and is nearing its close. After the completion of the IPO process, the value of GBTC can increase significantly.
Bitcoin Minetrix (BTC.MTX)
Bitcoin Minetrix introduces a progressive approach for crypto investors to mine Bitcoin, without the need for proprietary mining equipment or extensive technical knowledge. This is made possible by their BTCMTX token, which uses the Ethereum network.
The unique thing about Bitcoin Minetrix is the ‘Stake-to-Mine’ principle. By staking BTCMTX tokens, users can earn additional tokens as well as so-called mining credits. These credits represent tokenized mining rights, which can be used for free hashpower to mine Bitcoin.
@MarathonDH ramps up infrastructure as #Bitcoin‘s code update looms, aiming to stay competitive amidst revenue cuts. 🔧
How do you think miners will navigate the changing landscape post-halving? 🤔#BitcoinMinetrix has also reached a new milestone and surpassed $12,400,000! pic.twitter.com/vDDa2zgGXa
— Bitcoinminetrix (@bitcoinminetrix) March 18, 2024
Bitcoin Minetrix, with a current token value of $0.0142, has announced it is approaching the end of this phase; an indication that the price is likely to rise. This innovative model makes Bitcoin mining more accessible than ever, which has contributed to the success of Bitcoin Minetrix with over $12.4 million raised during the presale.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/terras-do-kwon-toch-uitgeleverd-lunc-koers-stijgt-5
