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Terra Founder Do Kwon Goes Missing, LUNA and LUNC Nosedive

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VOC, Voice of Crypto, Terra, LUNA

On September 14, a South Korean court issued an arrest warrant for Do Kwon, the Terraform Labs founder whose implosion sparked a global crypto rout earlier this year.

The court considered filing criminal charges against Kwon in the wake of the historic Terra (LUNA) and algorithmic stablecoin TerraUSD (UST) crash that led to around $40 billion in losses.

The arrest warrant was issued for Do Kwon and five others for violating the Capital Market Act. Following this, the South Korean prosecutors were looking to track the location of the Terraform Labs founder, Do Kwon.

Earlier, it was presumed that he had been living in Singapore till now; however, a recent statement issued by Singapore Police claims that the Terraform Labs founder is not in the city-state. This has sparked a global debate about his recent whereabouts. 

The court has also asked the South Korean Ministry of Foreign Affairs urging the organization to suspend its passport of Do Kwon.

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Do Kwon Fails to Cooperate 

As South Korean prosecutors are having a hard time tracking Do Kwon. According to the local media Yonhap, the prosecutors have now signaled that the Terraform Labs founder may be “evading the ongoing probes,” and he is allegedly on a run. 

However, Do Kwon tweeted, “he’s not on the run.” He also mentioned being ready to cooperate with multiple jurisdictions and clarify the truth over the next few months. 

In another follow-up tweet, Do Kwon opined that his friends and peers are allowed to know his actual location. He further addressed the growing scrutiny over his whereabouts by referring to it as an invasion of his privacy. 

Evidently, Do Kwon has been tracked since the Terra-LUNA crisis in May. Most of Terra’s executives, including Do Kwon, left South Korea and failed to cooperate with the investigations. 

Therefore, Seoul Southern District Prosecutors Office issued arrest warrants against Do Kwon and five others. To date, the authorities could not track his recent whereabouts and claim he is no longer in Singapore. The authorities might also work with Interpol to extradite Terra’s founder from Singapore.

LUNA & LUNC Continue to Slump

With the increasing heating environment surrounding Do Kwon, the tokens of the Terra Ecosystem continue to suffer. 

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Terra Classic (LUNC) price declined by 4% in the last 24 hours and 24% in a week. Moreover, Terra’s (LUNA) price has slumped nearly 10% in a day and 44% in a week.

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LUNA & LUNA Price Chart |Source: TradingView

Despite this huge controversy, a popular crypto exchange, Binance, has announced 1.2% tax burn support for Terra Classic (LUNC) and TerraClassicUSD (USTC) on all on-chain activities. 

Surprisingly, the community also reiterates the support and has asked for tax-burn support for off-chain activities such as selling and buying. 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

Krutika is an experienced Crypto News writer and Technical analyst. With over 3 years of extensive crypto knowledge, she has written on various subjects, including Price analysis, Whitepapers, Metaverse, and other crypto-related topics.

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