South Korea has declared Do Kwon, the founder of Terraform Labs (as well as its stablecoin UST and cryptocurrency LUNA) wanted. The news made the LUNA token drop more than 48% before showing signs of small recovery.
Earlier in 2022 both UST and LUNA lost more than $40 billion in value in a matter of days. And, the story does not get any better for the token and its believers.
Do Kwon and five other accomplices were accused of violating the country’s rules on capital market. With their digital money empire drying up faster than water on sand, investors pulled funds.
Then, crypto exchanges like Binance and Coinbase delisted them and scrapped their trading pairs as well.
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However, despite the rumours preceding this arrest warrant, Do Kwon had said that the country’s prosecutors were yet to reach out to him on their charges. Although TechCrunch reports that they home of his colleague, Daniel Shin, had been raided in July 2022.
Likely, the reason why Kwon still walks about freely is because he is not in the country as we heard that his local employees were barred from leaving. Also, he is to report to the authorities as soon as he returns from abroad.
At its peak, LUNA had been trading for nearly $120 but in the latest Crypto.com chart peep, it was priced at $6.63.
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