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

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.

The post LUNA Dumps 20% as Korean Court Issues Arrest Warrant Against Do Kwon (Report) appeared first on CryptoPotato.

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