Terra (LUNA) Price Tumbled 8%, Terra Classic (LUNC) 4% After Do Kwon Arrest

Terra (LUNA) price tumbled 8% after reports on Terra co-founder Do Kwon’s arrest reached the Terra community. Surprisingly, Terra Classic (LUNC) price also fell steeply by 4% despite Do Kwon and the community separating after the Terra-LUNA crisis.

CoinGape reported that Terra co-founder Do Kwon, who was on the run since the Terra-Luna crisis was finally arrested on Thursday in Podgorica, Montenegro. According to a statement by the Interior Minister of Montenegro, Do Kwon was detained at the Podgorica airport, probably trying to change the country once again.

South Korean prosecutors issues an arrest warrant against Do Kwon last year and also took Interpol’s help to arrest him. South Korean prosecutors even visited Serbia in February in the hope to find Do Kwon after it was reported that Do Kwon might be hiding out in Serbia. He has relocated many times from Singapore to Montenegro.

In February, U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and its co-founder Do Kwon for the $60 billion securities fraud involving LUNA and Terra’s algorithmic stablecoin TerraUSD (UST). Moreover, Do Kwon and his company secretly processed over 10,000 BTC out of the company and converted some tokens into cash via a Swiss bank.

Do Kwon Still Has Influence on Terra LUNA Classic

Terra (LUNA) and Terra Classic (LUNC) prices witnessed a sudden fall after the Securities and Exchange Commission (SEC) filed a lawsuit against Do Kwon, Terraform Labs, and affiliates. It indicates that Do Kwon still has influence over LUNA, as well as LUNC.

Terra (LUNA) price fell to $1.27, down 8% in the last 24 hours. The 24-hour low and high are $1.275 and $1.432, respectively. Meanwhile, Terra Classic (LUNC) plunges 4% in the last 24 hours, with the price currently trading at $0.000123. The 24-hour low and high for LUNC price are $0.0001212 and $0.0001287.

Also Read: SEC Chair Gary Gensler To Appear Before US House Committee

The post Terra (LUNA) Price Tumbled 8%, Terra Classic (LUNC) 4% After Do Kwon Arrest appeared first on CoinGape.