- News on the Blockchain
- Posts
- Terra Luna Founder Do Kwon to Be Extradited to the United States
Terra Luna Founder Do Kwon to Be Extradited to the United States
News on the Blockchain
December 28, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 772
Market Cap: $3.29T (-2.35%)
24h Volume: $114.95B (-3.80%)
Bitcoin Dominance: 56.7%
Ethereum Dominance: 12.2%
ETH Gas Price: 3.42 Gwei
Fear & Greed Index: 51/100 (Neutral)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $94,468.94 | -2.59% | $1.87T | $41.98B |
Ethereum | $3,341.88 | -2.22% | $402.59B | $20.02B |
Tether | $0.9983 | -0.07% | $138.77B | $92.23B |
BNB | $698.23 | -1.55% | $100.55B | $1.65B |
Solana | $186.09 | -3.85% | $89.25B | $2.39B |
💹 Market Highlights:
Total DeFi Volume: $8.7B (7.57% of total 24h volume)
Stablecoins Volume: $106.21B (92.39% of total 24h volume)
Coin with highest % change: SKIB (+5268.24%)
📈 Preview On Today’s News:
- Terra Luna Founder Do Kwon to Be Extradited to the United States
- Cambodia’s National Bank Endorses Stable Cryptocurrencies to Boost Economy and Protect Consumers
- South Koreans Pay Premium for Bitcoin Amid Economic and Political Uncertainty
Keep reading below for more!
Today’s News:
1)
Terra Luna Founder Do Kwon to Be Extradited to the United States
In a significant development within the cryptocurrency sector, Do Kwon, the founder of Terra Luna, is set to be extradited from Montenegro to the United States after more than a year of legal disputes. Montenegro's Supreme Court ruled that both South Korea and the US met the necessary legal criteria for extradition but ultimately chose to honor the US request based on factors such as Kwon's criminal activities, the location of the offenses, his citizenship, and the order of extradition requests. Arrested in Montenegro in March of the previous year and sentenced to four months in jail, Kwon is implicated in the May 2022 collapse of TerraUSD and Luna, which wiped $40 billion from the market and led to numerous bankruptcies. This extradition marks the culmination of a prolonged legal saga and highlights ongoing challenges related to criminal activities in the rapidly evolving cryptocurrency industry.
Extradition Decision: Montenegro's Supreme Court approved the extradition of Do Kwon to the US, prioritizing the US request over South Korea's based on his criminal activities and other legal factors.
Impact on Cryptocurrency: Kwon is held responsible for the TerraUSD and Luna collapse in May 2022, which caused a $40 billion market loss and numerous bankruptcies, emphasizing the need to address criminal behavior in the crypto industry.
2)
Cambodia’s National Bank Endorses Stable Cryptocurrencies to Boost Economy and Protect Consumers
On December 28, 2024, the National Bank of Cambodia (NBC) implemented a significant regulatory update allowing commercial banks and payment institutions to offer services for stable cryptocurrencies, explicitly excluding volatile tokens such as Bitcoin and Ethereum. This new policy requires prior NBC approval for any cryptocurrency transactions or custody services, thereby enhancing consumer protection and aiming to strengthen Cambodia’s economy by reducing its reliance on the U.S. dollar and integrating digital currencies into the official financial system. Additionally, CryptoNewsLand provides comprehensive coverage of the cryptocurrency landscape, including news, predictions, and analyses, supporting the nation’s evolving digital finance ecosystem.
Regulatory Approval for Stable Cryptos: The NBC now permits banks to offer stable cryptocurrency services with mandatory approval, enhancing consumer protection and economic diversification away from the U.S. dollar.
Comprehensive Crypto Coverage: CryptoNewsLand serves as a leading online platform delivering the latest cryptocurrency news, analysis, and updates, aiding informed participation in Cambodia’s digital finance growth.
3)
South Koreans Pay Premium for Bitcoin Amid Economic and Political Uncertainty
South Korean citizens are experiencing a 3% higher price for Bitcoin compared to American buyers, primarily due to the depreciation of the South Korean won and recent political instability, including the dismissal of key government officials. This price disparity is evident on major exchanges such as Upbit and Coinbase, where Bitcoin is priced at approximately $98,600 in South Korea versus $96,700 in the United States. The weakening won, coupled with concerns over democracy and trust in the South Korean National Election Commission, has led investors to seek refuge in cryptocurrencies like Bitcoin, driving up local prices. Additionally, the volatile cryptocurrency market underscores the importance of monitoring regional economic and political developments to inform investment decisions and implement effective risk management strategies.
Price Discrepancy: Bitcoin trades 3% higher in South Korea ($98,600) compared to the U.S. ($96,700) due to the declining won and political instability.
Investor Behavior: Economic uncertainty and erosion of trust in local institutions are driving South Korean investors toward cryptocurrencies as a hedge, increasing local Bitcoin prices.
