LUNC reacts as court reverses Do Kwon’s extradition
- The Montenegrin Appeals Court has voided an extradition order for Do Kwon.
- The news led to a double-digit intraday rally in LUNC’s price.
In a dramatic turn of events, the Montenegrin Appeals Court overturned a lower court’s decision to extradite Do Kwon, the controversial founder of Terraform Labs, which collapsed in May 2022.
In an earlier decision dated the 17th of November, the Higher Court in Podgorica had approved the extradition of Do Kwon to the Republic of South Korea and the United States for multiple criminal charges related to the collapse of Terra.
However, upon appeal, the nation’s Appellate Court ordered a retrial. According to a statement on the 19th of December, the Appellate Court found a significant violation of criminal procedure in the lower court’s decision.
The Appellate Court claimed that the investigating judge failed to inform Do Kwon about the reasons and evidence for his extradition, particularly concerning the request from the United States.
This was deemed contrary to the Law on International Legal Assistance in Criminal Matters.
In a related decision, the Appeals Court had previously rescinded a ruling by the Higher Court that postponed Do Kwon’s extradition until he completed a prison sentence for a separate offense.
The Court of Appeals deemed this decision to be beyond the court’s jurisdiction, emphasizing that the determination of extradition postponement lies with the Minister of Justice, not the court.
How LUNC reacted
Following the Appellate Court’s decision, LUNA Classic [LUNC] recorded an intraday rally of 13%. According to data from CoinMarketCap, the altcoin traded at $0.00017, representing its highest price point in the last week.
AMBCrypto found that the Appeals Court’s decision triggered a wave of bullish sentiments, albeit minor, in the coin’s spot market.
After the market got news of the court’s decision, the bulls reclaimed the market from the bears. The coin’s Directional Movement Index (DMI) assessed on a 12-hour chart showed this.
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The indicator’s positive directional index (green) quickly rallied above the negative directional index (red), suggesting that LUNC bulls regained control.
Moreover, the coin’s Money Flow Index (MFI) was spotted at 58. 37. A reading of 58 on an asset’s MFI suggests that there is a considerable amount of buying pressure in the market.