Following the groundbreaking year of 2021 in the world of cryptocurrencies, the anticipated surge in 2022 did not materialize as expected. The market took a nosedive after a series of sensational events involving TerraLabs and its founder, Do Kwon, resulting in the downfall of LUNA and USTC. This downward spiral continued until the FTX incident with Sam Bankman-Fried in November 2022. The situation escalated further when Do Kwon was apprehended in Montenegro, leading to a protracted extradition process amidst a flurry of lawsuits and developments. Amidst this tumultuous backdrop, the SEC has just made an important announcement.
Terraform and SEC Reach Agreement
In a recent development reported by Reuters, the SEC disclosed that Terraform has agreed to settle the lawsuit by paying a hefty sum of $4.47 billion. All eyes are now on Do Kwon, who remains in Montenegro. Stay informed with the latest technology news on NEWSLINKER.
The extradition proceedings for Do Kwon have been marred by repeated reversals by the courts over the past few months, leaving the final destination – whether South Korea or the USA – uncertain, with five decisions being overturned thus far.
As the extradition saga unfolds, the focus has now shifted to the prices of LUNA, LUNC, and USTC, which are exhibiting notable activity.
LUNC, LUNA, and USTC Prices
Starting with LUNC, the price has seen a clear uptick, rising by 8.5% to $0.00010812. Market volume also surged to $627 million, while the 24-hour trading volume dipped by 9% to $26 million.
The price of the erstwhile stablecoin USTC, which stirred up a significant commotion, also saw an increase of 8.81% to $0.02183. Market volume during this period reached $148 million, with the trading volume decreasing by 6.5% to $11 million.
In another significant development within the ecosystem, LUNA witnessed a robust 10.54% surge, reaching $0.5919. The market volume for LUNA hit $456 million, with the 24-hour trading volume bucking the trend of other cryptocurrencies, rising by 20% to $43 million.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own due diligence before making any investment decisions.
