Terra Classic Pumps Overnight as Do Kwon Granted Bail Again

LUNC is surging in trading activity after Do Kwon was granted bail by Montenegro.
The last time there was barely any noteworthy trading volume for LUNC was in February 2023.
The court reinstated that Kwon must pay 400,000 euros ($436,000) to secure his release from custody

Terra Classic (LUNC) is surging in trading activity once again, as Terraform Labs founder Do Kwon has been granted bail again by Montenegro for falsifying travel documents.

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LUNC Trading Activity Surpassing Binance Coin

In the last 24 hours, LUNC is up by 8.50%, although it went up to at least 12% during its peak price of around 0.00014, according to CoinMarketCap. The 24-hour trading volume is also at $431 million, which is even more than the trading volume of Binance Coin (BNB).

LUNC/USDT 1-day chart (source: TradingView)

As seen in the chart above, LUNC was practically dormant since May. In fact, there was barely any noteworthy trading activity since February of this year. This may have been due to Terra Classic supporters who still believe either in Do Kwon’s innocence or his ability to undo the ecosystem damages he might have taken a principal role in.

Various media reported that Do Kwon has been granted bail in Montenegro after a Montenegrin court dismissed an appeals process initiated by prosecutors on June 2.

Do Kwon Must Pay $436K to Secure Release From Custody

The Basic Court in Podgorica issued an official release stating that the State Prosecutor’s Office appeal against an earlier bail agreement was rejected, allowing both Kwon and Terraform Labs’ chief financial officer, Han Chang-Joon, to await further legal proceedings under house arrest within the country.

The court reinstated the original bail terms set during a hearing on May 12. Under these terms, both Kwon and Chang-Joon must pay 400,000 euros ($436,000) each to secure their release from custody. However, they are now subjected to strict bail conditions and are restricted from leaving Chang-Joon’s legal residence in Montenegro.

Local authorities will closely monitor the pair, and any violation of the supervision measures or departure from the residence will result in the forfeiture of their bail.

In an effort to comply with the bail requirements, Kwon and Chang-Joon provided personal and financial information to the local authorities. This included presenting evidence of a sales contract and property registration for an apartment, parking space, and basement owned by Chang-Joon.

The granting of bail provides a temporary reprieve for Kwon and Chang-Joon, allowing them to await further legal proceedings while being confined to their residence. The outcome of these proceedings will undoubtedly have a significant impact on both individuals and Terraform Labs as a whole.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.