LUNA Dumps 20% as Korean Court Issues Arrest Warrant Against Do Kwon (Report)

Just a day after reports emerged that the South Korean authorities had started yet another investigation against Terraform Labs, Bloomberg said a local court had issued an arrest warrant against Do Kwon and five others.

The price of the two current native assets – LUNA and LUNC – dumped hard, as the former is down by over 20% on a daily scale.

  • Citing a note from a Seoul court, Bloomberg outlined the arrest warrant issued against Do Kwon and five other individuals due to a violation of capital market rules.
  • Another local report claimed that Interpol will have to intervene since Kwon is currently residing in Singapore.
  • It also named two of the other five Terra-related individuals – Nicholas Platias (founding member of TFL) and Han Mo – an employee.
  • This latest development comes just a day after South Korean prosecutors launched another investigation against Terraform Labs to determine whether its native tokens were securities.
  • As reported before, LUNA and UST were once among the ten largest cryptocurrencies in terms of market cap.
  • Their demise not only wiped out roughly $50-60 billion of their own capitalization but brought down multiple companies, such as 3AC, Voyager, Celsius, and others.
  • Interestingly, LUNC and LUNA performed rather well in the past few weeks, as the former gained over 200% in days at one point.
  • However, both have tumbled in the past 24 hours, perhaps prompted by the all-out market crash as well as the news regarding Kwon’s arrest warrant.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 68,660.40 0.35%
Ethereum (ETH) $ 2,426.19 1.80%
Tether (USDT) $ 0.99928 0.05%
BNB (BNB) $ 558.44 0.22%
Solana (SOL) $ 161.17 0.47%
USDC (USDC) $ 1.00 0.03%
XRP (XRP) $ 0.511381 1.06%
Dogecoin (DOGE) $ 0.167657 10.47%
Lido Staked Ether (STETH) $ 2,425.10 1.79%
TRON (TRX) $ 0.162431 1.52%