Cryptocurrency

LUNA sinks 20% after South Korea issues arrest warrant for Do Kwon

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Terra’s LUNA fell 20% on news that South Korea issued an arrest warrant for founder Do Kwon.

The token, which has enjoyed a new wave of interest with its price rising more than 80% over the past seven days, has fallen 21.4% to $3.35 over the past 24 hours, according to CryptoSlate data.

South Korea issues arrest warrant for Kwon

bloomberg news reported that a Seoul court has issued arrest warrants for Kwon and five others.

The South Korean public prosecutor’s office has confirmed the arrest warrant, according to reports.

local media Yonhap News Arrest warrants have also been issued for Nicholas Platias, a founding member of Terraform Labs, and Han Mo, CEO of the associated Tchai Corporation, he said.

The arrest warrant is valid for one year. The prosecution is ready to try tactics such as invalidating Mr. Kwon’s passport and cooperating with Interpol to recruit Mr. Kwon.

Dokwon currently lives in Singapore.

Since the Terra implosion in May, several insiders in the crypto community have questioned why authorities have yet to arrest Do Kwon for his involvement in the crash.

September 13, United report South Korean prosecutors have investigated whether the crashed Terra token has security features.

Kwon has consistently maintained his innocence despite admitting he may have made mistakes. He also claimed that prosecutors had not yet reached out to him.

In August, Kwon submitted a lawyer appointment letter to South Korean prosecutors to prepare his defense.

Crypto community welcomes news

The cryptocurrency community welcomed the news of the arrest warrant and expressed much joy about the development.

connor brandson Said:

“I don’t think it’s surprising that he was formally charged with a crime. I’m surprised no arrest warrant was issued.”

FatMan Terra described the news as “a great day for justice”.

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