Terra Classic (LUNC) has been rising over the last 24 hours. And the recent development in the ongoing lawsuit against Do Kwon has been linked to LUNC’s outstanding performance, surging up to 36% in the process.
In the new development, Terraform Labs founder, Do Kwon and Terra’s former chief financial officer Han Chang-Joon are set to released on bail.
Different media outlets like Vijesti and Hankook Ilbo, a branch of the Podgorica District Court, confirmed the approval of the latest bail request. A new court ruling by the Montenegro court could lead to Kwon’s release on bail for the second time.
Recall that Kwon and Han were earlier granted bail in May on the condition that they did not leave their apartment and continued to attend hearings. The bail was estimated to cost around $856,000.
Kwon and Han have both been detained and charged to court for allegedly attempting to flee Montenegro on falsified travel documents. On the other hand, Kwon and Han have been tagged wanted in their native land, South Korea, on the count of fraudulent activities.
In addition, Government agencies and police forces in both the United States and Singapore are pushing for the deportation of the charged duo. However, a high court decision got appealed by Montenegro prosecutors, culminating in the detention of Kwon and Han for the second time in Montenegro.
Kwon’s Reaction That May Lead To A Second Bail
Kwon made a statement move to hire one of the most globally renowned law firms, Dentons. However, his Montenegro-based legal team persuaded the Podgorica District Court to rule in his favor for a second time late last week.
Branko Anđelić, the lawyer that presided over the court case that may culminate in the release of the detained duo, confirmed that Kwon and Han must pay $436,000 each to secure bail. This implies that Montenegrin prosecutors have three days to appeal the bail terms while Kwon and Han will be remanded in custody until the High Court delivers its verdict. Also, should there be no new objectives, Kwon and Han would get discharged.
What Are The District Court And Prosecutors Saying
The district court noted that it needs more time to ascertain Kwon’s claims that Costa Rica passports and other travel documents found on him and Han were legal.
The prosecutors opined that the bail figure was not substantial enough. They argued that the accused duo still posed a significant flight risk coupled with poor surveillance measures.
Notably, Han and Kwon are due to appear in court for another hearing on June 16.
How Terra Classic (LUNC) Reacted to the News
Notably, amid this development, LUNC surged from a value of $0.00008445 at midnight on May 4 to a 6-week high of $0.00011550 at 23:00 on the same day. This surge marked a massive 36.7% in under 24 hours. However, the asset faced opposition at the $0.00011550 point.