After the tumultuous year of 2021 in the world of cryptocurrencies, the anticipated resurgence in 2022 did not materialize as expected. The market took a nosedive following the shocking events involving TerraLabs and its founder, Do Kwon, leading to the downfall of LUNA and USTC. This turbulence continued until the FTX incident involving Sam Bankman-Fried in November 2022. Subsequently, Do Kwon was apprehended in Montenegro, sparking a prolonged extradition saga filled with legal battles and twists.
Amidst the flurry of lawsuits and unfolding events, the SEC has just made a groundbreaking announcement.
Terraform and SEC Reach Agreement
In a recent development reported by Reuters, the SEC disclosed that Terraform has agreed to pay $4.47 billion to settle the lawsuit. While all eyes are on Do Kwon, who remains in Montenegro, stay updated with the latest technology news on NEWSLINKER.
The extradition rulings concerning Do Kwon have been subject to multiple reversals by the courts over the past few months, leaving the fate of his extradition to South Korea or the USA uncertain, with five decisions overturned thus far.
As the extradition saga continues to unfold, focus has now shifted towards the movements in the prices of LUNA, LUNC, and USTC, which are experiencing notable fluctuations.
Prices of LUNC, LUNA, and USTC
Starting with LUNC, there has been a noticeable uptick in its value, with a price surge of 8.5% to $0.00010812. Market volume also saw a similar increase, reaching $627 million, while the 24-hour trading volume dipped by 9% to $26 million.
The price of the once-controversial stablecoin USTC also saw a rise of 8.81% to $0.02183. Market volume during this period stood at $148 million, with trading volume decreasing by 6.5% to $11 million.
On the other hand, LUNA experienced a significant spike of 10.54%, reaching $0.5919. Market volume for LUNA hit $456 million, and the 24-hour trading volume bucked the trend of other cryptocurrencies, increasing by 20% to $43 million.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research before making any investment decisions.
