Terra Founder Do Kwon's Incarceration Extended By Montenegro Court
Portfolio Pulse from Murtuza Merchant
A Montenegro court has extended the incarceration of Terra founder Do Kwon and his associate Han Chang-Joon for six more months while considering an extradition request from South Korea. Kwon faces charges from South Korea and the U.S. related to defrauding investors in the $60-billion collapse of the Terra (CRYPTO: LUNA) blockchain ecosystem in May 2022.
June 15, 2023 | 6:44 pm
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NEGATIVE IMPACT
Terra founder Do Kwon's extended incarceration may negatively impact LUNA's price in the short term as it highlights ongoing legal issues.
The extended incarceration of Terra founder Do Kwon and his associate Han Chang-Joon highlights the ongoing legal issues surrounding the Terra blockchain ecosystem. This negative news may cause investors to lose confidence in LUNA, leading to a potential short-term decline in its price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100