Do Kwon is on the Run! His Deeds are Now Crash Landing on Terra Luna
Do Kwon is anticipated to be on the run, and now investors are taking their anger out on Terra Luna
The last week has been hectic for the founders of the now-defunct Terra Luna network. Do Kwon and others have recently been charged with a number of illegal matters, ranging from arrest warrants to allegations of evasion. In the most recent development, South Korean authorities have again targeted the founder for his recent statements.
Do Kwon has fled!
The South Korean government finally issued arrest warrants for the Terra founder Do Kwon and others involved in the US$60 billion crash, according to reports. Authorities had previously stated that they were unable to locate the founder after he left South Korea for Singapore due to Terra’s presence there. Do Kwon and his associates’ whereabouts have remained unknown since then. Kwon had responded to claims that he was attempting to avoid arrest by South Korean authorities. The Terra founder took to Twitter to reassure the community that he was not “on the run” and that they were still working with South Korean authorities. However, the South Korean responded to Do Kwon’s claims, claiming that they were false. According to a report published in a South Korean local news outlet, the prosecutors stated that they were not working with the founder. Rather, he had been on the run since the network’s inception. The prosecutors also stated that the arrest warrants for the founder and five others were issued as a result of Kwon’s refusal to cooperate with the authorities.
Nosedives Terra (LUNA)
Over the last week, the price of Terra (LUNA) has been feeling the heat from all of this. The impact was felt strongly on the network’s digital assets, LUNC and LUNA. LUNC, on the other hand, has fared better than Terra (LUNA) during this period. Terra (LUNA), the token that was rebooted following the Terra crash, has lost more than half of its total value in just 7 days. In this regard, LUNC fared much better, losing 32.70% in the same time period. The difference between the two tokens is also noticeable. Despite the Terra crash and LUNC losing more than 99% of its value in a matter of days, it remains popular among crypto investors. The token’s price has risen significantly to US$0.000272, giving it a market capitalization of US$1.6 billion. As a result, LUNC is currently ranked 31st among the top cryptocurrencies by market capitalization. Similarly, Terra’s (LUNA) price is currently trading at US$2.57. The cryptocurrency’s market cap is US$327.5 million, with a total supply of slightly more than 127.47 million. It is currently the 95th most valuable cryptocurrency by market capitalization, trailing its predecessor, LUNC.
The LUNA token crash also contributed to the demise of Three Arrows Capital, a once-famous crypto hedge fund. The fund’s demise also had a significant impact on a number of crypto lenders from whom it had borrowed billions of dollars. Last week, South Korea issued an arrest warrant for Kwon, prompting many investors to sell their positions in the resurrected Luna token. Prosecutors in South Korea have charged Kwon with financial fraud. Terraform Labs and the prosecutor’s office could not be reached for comment immediately.
