LUNC shown signs of recovery after Do Kwon’s comment

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LUNC shown signs of recovery after Do Kwon’s comment
  • Do Kwon says he is ‘not on the run’.
  • Kwon tweeted he is “fully cooperating” with government agencies.
  • Terra Classic(LUNC) appears to be on a steady price recovery path.

Do Kwon, the South Korean co-founder of the Terra ecosystem that crashed spectacularly in May and is wanted by police, has denied being on the run after Singapore investigators said he was not in the city-state as had been assumed, and his tweets did not reveal his location.

Following the collapse of Terra LUNA this year, approximately $40 billion in investor funds were lost. Earlier this week, South Korean prosecutors issued an arrest warrant for Do Kwon and also asked the finance ministry to void his passport.

Kwon has been accused of fraud by five South Korean investors. The 31-year-old is being investigated by a financial crimes unit and the Securities and Exchange Commission in the United States.

Saturday, after local police issued a statement saying he is on the run. 

“SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations,” said the statement.

Kwon tweeted in response that he has nothing to hide and is “fully cooperating” with government agencies.

Kwon tweeted:

For any government agency that has shown interest in communicating, we are in full cooperation, and we don’t have anything to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity and look forward to clarifying the truth over the next few months.

Following the arrest warrant issued for Terraform Labs founder Do Kwon, the price of Terra Classic (LUNC) plummeted dramatically. However, LUNC appears to be on a steady price recovery path in recent days.

The original LUNA token, which was renamed when its value was reduced in May 2022, is now known as LUNC. Terra 2.0 is a public blockchain system that originated from and evolved from Terra Classic. 

Currently, the cryptocurrency is halfway through recovery. The Terra Classic price today is $0.000307 USD with a 24-hour trading volume of $591,841,498 USD, according to CoinMarketCap.

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