LUNC token rose 22% after the court granted bail to Do Kwon

LUNC token rose 22% after the court granted bail to Do Kwon

Author: Robert Strickland (crypto-journalist)

LUNC token rose 22% after the court granted bail to Do Kwon
Terra Luna Classic (LUNC) cryptocurrency gained 22% after the court granted bail to Terraform Labs founder Do Kwon
The value of cryptocurrency Terra Luna Classic reacted to news that a court in Montenegro again approved the transfer of the founder of the failed crypto project to house arrest

The Terra Luna Classic (LUNC) token exchange rate rose 22% on the night of June 4-5. This came after it became widely known that a court in Montenegro allowed the founder of the Terraform Labs project Do Kwon to be released from house arrest with bail.

The value of LUNC rose from $0.00009 to $0.00011, while leading cryptocurrencies have shown a decline in value over the past 24 hours. According to CoinGecko, LUNC is trading near the $0.00010 mark. With a market capitalization of $584 million, the daily trading volume of the asset was $391 million.

Kwon and former Terraform Labs CFO Han Chang-Joon were arrested in late March by Montenegrin police at Podgorica airport for trying to fly to Dubai with fake documents. Kwon is accused by South Korean and U.S. authorities of fraud related to the TerraUSD (UST) and LUNA (now renamed LUNC) token crash in May 2022.

On May 12, the court agreed to release Kwon and his former colleague from custody on €400,000 bail for each of them.

In a new ruling, the court said that the specified sum of money is a sufficient guarantee that the defendants will not flee. They will be forbidden to leave the apartment, and if they violate court orders, the €800,000 they paid (€400,000 each) is to be budgeted for court work, and the defendants will be remanded back into custody.

Kwon and Hahn are awaiting judgment in the forgery case. If they are sentenced, they will have to serve their sentences and can then be extradited to the U.S. or South Korea.


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