Cryptocurrency of the world’s most notorious fraudster grew by more than 200% in a week

The algorithmic stablecoin Terra USD (formerly UST, now USTC), which fell in the spring of 2022, rose by 208.5% in a week. This happened on the back of the news that the extradition of USTC founder До Квон" href="https://noworries.news/biography/do-kvon/" data-bio-id="3665">Do Kwonfrom Montenegro was approved. At the time of writing, the UST token is trading at $ 0.0391, down 43.4% over the day.

On the morning of November 27, the largest cryptocurrency exchange Binance announced the launch of perpetual futures on the USTC token. In addition to the stablecoin, the Terra Classic (LUNC) cryptocurrency showed significant growth, rising by 53% over the previous day. Today, the value of LUNC is negative, as the token fell by 21.9% in 24 hours.

The coins began to rise sharply on the evening of November 25, a day after a court in Podgorica, the capital of Montenegro, approved the extradition of the co-founder of Terraform Labs. Now, Do Kwon will be sent to either South Korea or the United States. Kwon is accused by the South Korean and US authorities of fraud related to the UST and LUNA token crash.

In March of this year, the attacker was arrested in Montenegro for his role in the Terra ecosystem collapse, which resulted in investors losing $ 40 billion. In June, South Korean prosecutors said that Do Kwon faces more than 40 years in prison for organizing one of the largest financial crimes.

At the same time, Kwon refused to plead guilty and even asked a federal judge to take his side in the fraud case. As of now, according to the document, the fraudster has to spend another four months in prison. Only after this period will Kwon be able to be sent home to South Korea or America, where charges were brought against him by the New York prosecutor’s office and the U.S. Securities and Exchange Commission (SEC).