{"id":346618,"date":"2022-09-18T16:10:33","date_gmt":"2022-09-18T20:10:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=346618"},"modified":"2022-09-18T16:12:12","modified_gmt":"2022-09-18T20:12:12","slug":"terra-classic-lunc-slips-27-south-korea-issues-do-kwons-arrest-warrant","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/terra-classic-lunc-slips-27-south-korea-issues-do-kwons-arrest-warrant","title":{"rendered":"Terra Classic (LUNC) Slips 27% – South Korea Issues Do Kwon’s Arrest Warrant"},"content":{"rendered":"

The Terra Classic (LUNC)<\/a> Coin has failed to halt its bearish rally and has plummeted below $0.0003052. The price of Terra Luna Classic (LUNC) has dropped to a low of $0.0002952 after a South Korean court issued an arrest warrant for Do Kwon, the co-founder of the now-defunct stablecoin issuer Terraform Labs, which is to blame for many people losing their life savings after investing in cryptocurrencies.<\/p>\n

Following the news of Terraform Labs founder Do Kwon’s arrest warrant, the price of LUNC has remained extremely bearish. However, the Terra coin’s declines were exacerbated by the crypto market’s risk-off sentiment. The price of major cryptocurrencies fell early on September 16, while the total market cap of all cryptocurrencies fell 2.71 %to $960.06 billion the day before.<\/p>\n

Do Kwon: Wanted for the $45 billion Terra Luna Bankruptcy<\/h2>\n

Do Kwon, the co-founder of Terraform Labs, the defunct stablecoin issuer that caused many people to lose their life savings after investing in cryptocurrencies, has been arrested in South Korea. According to a Bloomberg article citing a text message from the prosecutor’s office, Kwon has been charged with violating the Capital Markets Act. The warrant, however, named five additional people, according to the news report.<\/p>\n

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South Korea issues an arrest warrant for crypto firm founder Do Kwon as it probes alleged illegal activity behind collapsed stablecoin TerraUSD https:\/\/t.co\/zB42UyNjOI<\/a><\/p>\n

— Bloomberg (@business) September 14, 2022<\/a><\/p><\/blockquote>\n