After the whirlwind year of 2021 in the world of cryptocurrencies, the anticipated surge in 2022 did not materialize as expected. The market took a nosedive following the shocking events involving TerraLabs and its founder, Do Kwon, resulting in the LUNA and USTC debacle. This turmoil dominated the market until the FTX incident with Sam Bankman-Fried in November 2022. Subsequently, Do Kwon was apprehended in Montenegro, sparking a protracted extradition saga. Amidst a flurry of lawsuits and developments, the Securities and Exchange Commission (SEC) has just made a groundbreaking announcement.
Terraform and SEC Reach Agreement
In a report by Reuters, the SEC disclosed that Terraform had agreed to a whopping $4.47 billion settlement in relation to the lawsuit. All eyes are now on Do Kwon, who remains in Montenegro. Stay tuned to NEWSLINKER for the latest in technology news.
The extradition rulings concerning Do Kwon have been consistently overturned by courts for months, creating uncertainty over whether he will be extradited to South Korea or the USA, with five reversals thus far.
Currently, the extradition matter hangs in the balance. With the Terraform-SEC agreement sealed, focus has shifted to the prices of LUNA, LUNC, and USTC, which are experiencing significant fluctuations.
LUNC, LUNA, and USTC Price Movements
Starting with LUNC, it has witnessed a notable uptick, with its price surging by 8.5% to $0.00010812. Market volume also saw a corresponding increase to $627 million. Nevertheless, the 24-hour trading volume dipped by 9%, settling at $26 million.
The former stablecoin USTC, which stirred up quite a storm, also saw a rise of 8.81%, reaching $0.02183. Market volume during this period reached $148 million, while the trading volume dipped by 6.5% to $11 million.
In another significant development within the ecosystem, LUNA recorded a robust 10.54% increase, hitting $0.5919. Market volume for LUNA stood at $456 million, with the 24-hour trading volume bucking the trend by rising 20% to $43 million.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies, conducting their own due diligence before making any investment decisions.
