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

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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.
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