has dropped more than 33% after a Seoul court issued arrest warrants for founder Do Kwon and five other individuals.
Key Takeaways
- A Seoul court has issued an arrest warrant for Terra founder Do Kwon.
- In response, the Terra blockchain’s native LUNA token has crashed over 33%. LUNC is also down over 20%.
- Kwon has previously stated he intends to cooperate with law enforcement.
According to the prosecutor’s office, all six wanted individuals from Terraform Labs currently reside in Singapore.
Manhunt Begins for Do Kwon
The law is finally catching up with Do Kwon.
A Wednesday report from South Korean news outlet Chosun Ilbo has revealed that a Seoul court had issued arrest warrants for the Terra founder and five other individuals. The warrants alleged that Kwon and his accomplices violated Korean capital markets law, according to a text message from the prosecutor’s office.
In response to the news, Terra 2.0, the blockchain that Kwon’s company Terraform Labs launched after the collapse of the original Terra blockchain, has been hit hard. The network’s native LUNA token has dropped more than 33% since the news broke.
Strangely, LUNA experienced a substantial price jump on September 9. The token soared over 300% in a day to hit a local high of $7.65 after previous trading in a tight range between $1.50 and $2.50 for several weeks. After today’s dump, LUNA is currently trading at around $2.79, down 63% from its recent peak.
Kwon’s arrest warrant…
