There has been an important development regarding Do Kwon, the founder of Terra (LUNA), which has shaken the crypto money markets in the past months. In South Korea, the court issued arrest warrants for 6 people, including Do Kwon. In the statement made by the prosecutor’s office, it was stated that all of the persons for whom an arrest warrant was issued were in Singapore.
Do Kwon, who directly or indirectly harmed an undetectable number of crypto money investors, did not make a statement on the subject. However, South Korean authorities state that the reason for the arrest was a violation of the capital market law in the country. It is a matter of curiosity what Do Kwon, who has made remarkable debuts from time to time, will do in the face of this decision…
LUNA and LUNC crashed after the verdict was heard!
In the chart above, you see the price chart of LUNA. The arrest warrant decision from South Korea was reflected in the price of this cryptocurrency as a depreciation of around 30 percent. LUNA, which was above $ 4.30 before the event, fell to the level of $ 3 after the news from South Korea.
The original cryptocurrency, named Terra Classic (LUNC), which changed its name due to the events that took place a few months ago, also took its part in the decision. LUNC, which was trading at $0.00033 before the decision was served, is currently trading at 0.0003. Note that this cryptocurrency was traded above $110 just a few months ago. Imagine the state of the investor…
So what happened that things got so messy?
Terra (LUNA) was one of the emerging cryptocurrencies in 2022. The team, which did important work for the ecosystem, also had a stable coin, whose price was always indexed to 1 dollar. Named UST, this stablecoin had an algorithmic structure and traded LUNA to stay at the $1 level. But in May 2022, this situation suddenly changed. Unable to stay at the level it should be, UST sold billions of dollars of LUNA. LUNA, which was at $ 100 levels, suddenly fell to $ 0.0001 due to these sales. Commenting on the subject, Do Kwon mockingly said, “I bet, I lost!” said. The latest news from South Korea reveals that the process has just begun for Do Kwon…
You can reach the content where we explained the Terra (LUNA) event in all details here.
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