Early on Monday, Sept. 26, Interpol issued a red notice against Luna Classic founder DO Kwon.
Prosecutors in South Korea described Kwon being charged with eroding investors’ money. In addition to the allegations Do Kwon has also been accused of violating. ‘Capital Market Law‘ with multiple violations cited
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This issue has created a discussion in the crypto market about the future of Terra and its stablecoins algorithm. What happened around Dokwon and how he became Interpol’s most wanted list?
An earlier development that led to Kwon’s red notice.
Earlier this year, the Terra ecosystem collapsed, which was unheard of in the developing Defi area. The crash affected the crypto market, with other financial markets feeling the impact. Crypto analysts believe investors lost $45 billion in wealth.
after the plane crash He moved Terra’s headquarters from South Korea to Singapore. Due to the investigation for tax evasion in South Korea. in an interview Terra’s founder said he would work with Terra’s crash investigation agency and had nothing to hide. “Very high integrity”
However, South Korean prosecutors rejected Do Kwon’s remarks, claiming he was not cooperating and was apparently fleeing. resulting in interpol issue a red notice with Terra founders in over 196 countries
Terra Classic Price Crash and Reversal
According to Interpol’s red notice on Do Kwon, the lower Terra Classic price continues. As a result of the notice, the $LUNC price dropped almost 20% immediately after the news. As a result, investors feel uneasy.
The collapse of the Terra Classic token also led to the collapse of the famous crypto hedge fund called Three Arrows Capital. The issue has also affected several crypto lenders offering LUNC in the market.
But I didn’t expect that $LUNC had. reversal in price action As the price is trending up, according to coinmarketcap.com, LUNC has gained over 50% in the last 24 hours and is currently trading at $0.0003074. Investors should be cautious as it could lead to a classic pumping and dumping project. The crypto community is waiting. Further price developments as the search for Do Kwon intensifies.
What is the future of LUNC .
A South Korean spokesman explained that the Red Notice against Kwon would create misrepresentation for the crypto industry and potentially undermine future innovations in the market.
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The collapse of Terra Stablecoin will lead to greater regulatory scrutiny in the crypto market. A report last week indicated that the House Financial Services Commission passed a two-year ban on creating and issuing stablecoins algorithms like Terra.
Featured image from Pixabay and chart from TradingView.com