In the last few days, Terra Classic (LUNC) appears to have been on a steady price recovery path. Following the arrest warrant against Terraform Labs founder Do Kwon, the price of Terra Classic (LUNC) dropped sharply. Currently, the cryptocurrency is halfway through the recovery. As of writing, LUNC price stands at $0.0003109, up 1.56% in the last 24 hours, according to price tracking platform CoinMarketCap.
Arrest Warrant Issued
On September 14, the South Korean government has issued an arrest warrant against Kwon, including five others. The founder was booked for violations in the market rules. As per the arrest warrant, all six individuals named are located in Singapore. This led to a sudden drop in the LUNC price, with the token losing around 15% in a short time. From trading at $0.00034 range prior to the news of the arrest warrant, LUNC dropped to nearly $0.00027. In the meanwhile, the token has recovered to an extent. Following the price drop, the LUNC community said Do Kwon was in no way associated with the Terra Classic project.
Do Kwon Comments On Concerns
Meanwhile, Kwon responded to claims that he was hiding from the authorities. He clarified that he was not on the run, as being claimed. Kwon said his team was fully cooperating with the government agencies and has nothing to hide. He added that his company is in the process of defending itself in multiple jurisdictions.
“I am not ‘on the run’ or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.”
It remains to be seen if Do Kwon comments would propel LUNC back to the last week levels.