- Terra LUNA Classic traded between $0.00030 and $0.00034 before the arrest of Do Kwon.
- LUNC trades at $0.0002748, representing a 33% decrease in the previous seven days.
- Among the top 100 hundred cryptocurrencies, LUNA alone plummeted by 51% in the last seven days.
On September 14, the founder of the Terra Luna blockchain, Do Kwon, alongside five other individuals, became the subject of an arrest warrant issued by the South Korean government. According to the authority, the arrest warrant was issued for the founder’s violation of market regulations.
Terra LUNA Classic LUNC was trading in the $0.00030 to $0.00034 area before the announcement of the arrest warrant, but the coin has swung into a reverse mode ever since. At the time of writing, LUNC trades at $0.0002748, representing over an 11% fall in the last 24 hours. Of all the top 30 cryptocurrencies, LUNC is the worst-performing coin, with a 33% decrease in the previous seven days.
Nonetheless, Terraform Lab’s crypto LUNA appears to have experienced much worse. Among the top 100 hundred cryptocurrencies, LUNA alone plummeted by 51% in the last seven days, and it trades at $2.59 with a 13.76% drop over the previous 24 hours.
However, the LUNC community argued that Do Kwon had no connection to the Terra LUNA and LUNC as the prices dropped. Additionally, Kwon responded to claims that he was eluding police enforcement in the interim. Kwon said his team will fully collaborate with law enforcement and have nothing to hide. He went on to state that his company is actively defending itself in multiple different jurisdictions.
In other news, the crypto market, in general, has been in a bleeding trend since last December 2021, with BTC losing over 70.83% since its previous all-time high (ATH). Ethereum has fallen by 11% in the last 24 hours and 25% in the last seven days, making it the worst performer among the top ten cryptocurrencies.