The news about Terra creator Do Kwon was announced on Twitter by Chinese cryptocurrency writer and blogger Colin Wu. About a year ago, Terraform Labs and the Terra ecosystem, which was supported by the LUNA token and the UST stablecoin, failed, sending the cryptocurrency market into a tailspin.
The Montenegrin court “granted” Kwon and his former CEO Han Chang-Joon a sentence of four months in prison. Both guys entered an innocent plea in court last Friday. Kwon and Han attempted to board a private flight from Montenegro to Dubai earlier this year while using forged passports of Costa Rican citizens. Additionally, since these two are accused of defrauding Terra’s investors before to the company’s collapse last year, officials in the US and South Korea are insisting on their extradition. Investor losses totaled about $60 billion.
Kwon, however, refuted the allegations and claimed in court that he had obtained the passport through a Singapore travel agency. The former “crypto king” asserted that he believed it to be a “golden passport,” or a legal document. People who make big investments in particular nations and expedite their citizenship acquisition are given this type of passport.
Terra Classic (LUNC) Community Caps Price For June
The eagerly awaited Parity Upgrade was successfully finished and carried out on June 14, 2023 by the Joint L1 Task Force (L1TF), which is made up of prominent Terra Classic developers. It is important to note that the Parity Upgrade project became feasible as a result of the Terra Classic community’s continued support for proposal 11561. Additionally, the Parity Upgrade has full support from industry titan Binance, demonstrating the new project’s status as a significant inclusion.
Despite the pessimistic forecast for the cryptocurrency industry, Terra Classic (LUNC) surged to the top of the cryptocurrency rankings after a phenomenal 7-day rise.
However, on June 16, LUNC struggled to make a statement that would set it apart from becoming the day’s most prominent underperforming crypto project. Holders of LUNC tokens are uncertain as a result of this unique downward trend that was detected on June 16.