LUNA, LUNC, and USTC, tokens backed by the Terra ecosystem, recently amassed noteworthy attention among crypto market enthusiasts globally as the tokens witnessed a sudden price jump today. The upward trajectory portrayed by the tokens comes in alignment with the recent decision by the Montenegro Appeals Court on Do Kwon\u2019s legal chronicle.<\/p>\n
Do Kwon, the ex-co-founder and ex-CEO of\u00a0Terraform\u00a0Labs, recently received a ruling from the above-stated court, revoking his extradition to other countries for criminal trials. The revoking of Kwon\u2019s extradition further lined up with the price surge witnessed by the Terra-backed tokens on Tuesday.<\/p>\n
<\/p>\n
In addition, the price surge also aligns with the recovery of the broader crypto market today, coinciding with the anticipation of a Bitcoin spot ETF approval.<\/p>\n
Do Kwon\u2019s Appeal Impacts Terra-backed Tokens\u2019 Price<\/h2>\n
In a gust of developments orbiting around Do Kwon\u2019s legal chronicle, the Montenegro Appeals Court today sided with Kwon\u2019s attorneys. According to a recent report<\/a> by CoinGape Media, the Appeals Court decided to halt Terra founder Do Kwon\u2019s extradition on December 19, fueling optimism for the Terra-backed tokens.<\/p>\n As per the court\u2019s announcement, the High Court\u2019s initial decision on the matter was proved to be incorrect as the Appeals Court spotlighted significant violations of criminal procedure provisions encircling the matter. As a result, Kwon\u2019s extradition to countries South Korea and the U.S. were promptly revoked.<\/p>\n <\/p>\n Revoking the Terra founder\u2019s extradition to other countries soon propelled optimism for the Terra-backed tokens, as illustrated by LUNA, LUNC, and USTC price jumps.<\/p>\n <\/p>\n Also read: Montenegro Court Nullifies Terra Founder Do Kwon\u2019s Extradition Decision<\/a><\/strong><\/p>\n As of writing, the Terra Price showcased a prompt jump of 11.71% over the past 24 hours, reaching $0.9753. The rise in Terra\u2019s price was further accompanied by an upsurge in Terra Classic\u2019s price<\/a>, soaring 13.07% and currently evaluating $0.0001662. Moreover, even the USTC price witnessed a substantial jump of 7.46% and is currently trading at $0.03513.<\/p>\n The concurrent rise in all the Terra-backed tokens comes primarily as a result of the revoking of the Terra founder\u2019s extradition. However, anticipations orbiting the approval of a Bitcoin spot ETF seem to have further accompanied the upswing.<\/p>\n Moreover, although the Terra community recently rejected a colossal USTC burning proposal<\/a>, current market sentiments for the crashed tokens seem otherwise.<\/p>\nLUNA, LUNC, & USTC Prices Spring<\/h2>\n
![\"coingape\"](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"){kind=logo}
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&d=mm&r=g\"\/)
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/452042cc86ff4d4cff7e64f282bd5358?s=200&d=mm&r=g\")