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LUNC Adds Over 50% In 24H After Interpol’s Red Notice

LUNC

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Early on Monday, September 26, Interpol issued a red notice against Luna Classic founder DO Kwon. This issuance resulted in Do Kwon losing more than $60 billion in investor wealth.

South Korean prosecutors explained that Kwon will be charged with eroding investors’ money. In addition to his charges, Do Kwon is accused of trespassing capital market act,‘, which mentions several violations.

Related reading: Bitcoin Shows Resilience in Dollar-Driven Bloodbath | BTCUSD 26/09/2022

This issue has sparked discussions in the crypto market about the future of the Terra company and algorithmic stablecoins. This article details the events surrounding Do Kwon and how he ended up on Interpol’s most wanted list.

The previous events that led to Kwon’s red notice

Earlier this year, the Terra ecosystem collapsed, unheard of in the evolving Defi space. The crash hurt the crypto market, and other financial markets felt its effects. Crypto analysts believe that investors lost more than $45 billion in assets.

After the accident, he moved Terra’s headquarters from South Korea to Singapore because he is being investigated tax evasion charges South Korea. In the interview, Terra’s founder said he is cooperating with investigative agencies in Terra’s crash and has nothing to hide. In addition, Do Kwon praised himself as a man with “a very high bar of integrity.”

However, South Korean prosecutors specifically dispute Do Kwon’s statement, saying he was uncooperative and had apparently fled. As a result, Interpol is issued a red notice With the founder of Terra in more than 196 countries.

The price of LUNC is currently hovering around $0.00031. | Source: LUNCUSD Price chart from TradingView.com

Terra Classic price crash and reversal

After Interpol’s Do Kwon Red Notice news, the price of Terra Classic continued to fall. After the announcement took effect, the dollar price of LUNC fell almost 20% immediately after the news, causing investors to get upset.

The collapse of Terra Classic has also led to the collapse of a high-profile crypto hedge fund called Three Arrows Capital. This problem has also affected several cryptolenders offering LUNC in the market.

But surprisingly, $LUNC has the opposite in price action because there is an upward trend in prices. According to Coinmarketcap.com, LUNC is up more than 50% in the last 24 hours and is currently trading at $0.0003074. Investors should be careful as it can lead to a classic pump and drain system. The crypto community is still waiting for price developments in search of Do Kwon.

What is the future of LUNC

A South Korean spokesperson explained that a red notice against Kwon would set the crypto industry a false priority and could cripple future innovation in the market.

Related reading: Avalanche is struggling to break the downtrend, is the $20 mark possible?

The collapse of the Terra stablecoin will lead to greater regulatory scrutiny of the crypto market. Reports last week indicate that the House of Financial Services Committee has passed a bill that would ban the creation and issuance of algorithmic stablecoins like Terra for two years.

Featured image from Pixabay and chart from TradingView.com

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

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