Cryptocurrency LUNC drops 20% after a Korean court issued an arrest warrant against the founder of the project
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Answer Cryptocurrency LUNC drops 20% after a Korean court issued an arrest warrant against the founder of the project
Just a day after reports emerged that South Korean authorities had launched another investigation against Terraform Labs.
A local court has issued an arrest warrant for Do Kwon and five others, Bloomberg reports.
The price of the two cryptocurrencies – LUNA and LUNC – have been heavily dumped, with the price of the former dropping by about 20% on a daily scale.
Citing a warrant from the Seoul court, Bloomberg identified the arrest warrant issued against Do Kwon and five other individuals for violating capital market rules.
According to another local report, Interpol will have to intervene because Do Kwon is currently based in Singapore.Read:Visa is working on digital wallets that can convert Bitcoin into fiat currencies
The report also named two of the other five individuals associated with Terra as “Nicolas Platias” (a founding member of TFL) and employee “Han Mo”.
This latest development comes just a day after South Korean prosecutors launched another investigation against Terraform Labs to determine whether its digital tokens were securities.
Months ago, LUNA and UST were among the top ten cryptocurrencies by market capitalization.
After that, approximately 50 to 60 billion dollars were wiped from their market value, which caused the fall of many companies, such as 3AC, Voyager, Celsius and others.
Interestingly, LUNC and LUNA have been doing fairly well in the past few weeks, with LUNC gaining more than 200%.
However, the price of the currency was affected in the past 24 hours, possibly due to the collapse and decline of the market in general, as well as the news related to the arrest warrant of the founder of the project.Read:Canaan Announces New Bitcoin Mining Equipment Launch
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