The price of LUNA Classic has decreased by more than 25% over the past month and is currently on a downward trend.
Do Kwon, the founder of Terra, is being held in prison for up to five years in Montenegro on several counts.
The investigation against Do Kwon is anticipated to be finished before April 23, according to the prosecutor for Montenegro, Haris aboti.
Following the collapse of the Terra ecosystem in 2022, Do Kwon, the co-founder of Terraform Laboratories, spent months eluding law enforcement before being apprehended on March 23. The discredited company’s head is currently being prosecuted on criminal charges in Montenegro and may get harsh punishment.
Do Kwon, the founder of Terra, may go to prison.
In an interview on March 31, Haris “aboti,” the prosecutor chosen to handle the Do Kwon case in Montenegro, explained what may be anticipated from the case going forward. The prosecution is concentrating solely on the allegations that Do Kwon falsified documents because it is what led to his arrest at the Podgorica airport. ‘aboti’ remarked,
“We simply want to prosecute him for utilising the fake documents. A matter for the police is how or where they came from.
The Interpol red alert, which was the initial suspicion, did not lead to the arrest of Do Kwon and his associate, as indicated by aboti. Instead, they were detained as a result of a border patrol agent’s suspicions about the validity of the passports.
Do Kwon will next likely appear before Podgorica’s Basic Court, where, if official accusations are brought, the founder could get a sentence of up to five years in prison.
According to aboti, there is enough evidence to complete the case by the deadline of April 23 for doing research and gathering evidence for the trial.
However, if the prosecution fails to do so, the criminal charges will be dropped, and since Do Kwon has an Interpol arrest warrant, the case may be taken up by the Higher Court. There are currently no known specifics on Do Kwon’s extradition to South Korea or the United States.
LUNA Classic cannot make a comeback
After falling more than 26% in a single month in March, LUNA Classic is now trading at $0.000125. The altcoin dropped to the price at which LUNC last traded more than seven months ago after hitting a low of $0.000129 in December 2022.
The Relative Strength Index shows that LUNA Classic has much of space to grow because, unlike other cryptocurrencies, its price has not recovered in recent weeks (RSI).
However, the fact that the indicator is in the bearish zone below the neutral line suggests that the altcoin does not yet have sufficient strength to pull off a recovery. If Do Kwon is found guilty, this digital asset may also continue to decline.
