It looks like Terra Classic (LUNC) is on a stable price recovery path during the past few days. The price of Terra Classic (LUNC) has dropped significantly after TerraForm Labs founder Do Kwon received an arrest warrant.
After billions were lost and regulators started to swarm, the development and control were turned over to the community and relaunched as LUNA Classic. Many investors are still being cautious, especially those who have already been harmed by the scandal.
South Korean authorities filed an arrest order for Kwon and five others on 14 September. For breaking the rules of the market, the founder was arrested. All six people listed in the arrest warrant are in Singapore.
This caused a sharp decline in the price of LUNC, with the token losing almost 15% in a short period of time. Prior to the release of the arrest warrant, LUNC was trading in the $0.00030 to $0.00034 range.
In the meantime the token has recovered somewhat. The LUNC community claimed that Do Kwon had nothing to do with the Terra Classic project when the price dropped.
Do Kwon says he is cooperating with the authorities
In the meantime, Kwon addressed allegations that he was evading law enforcement. He stressed that he was not and Kwon said that his team was completely cooperating with the authorities and had nothing to conceal. He continued by saying that his business is currently defending itself across several jurisdictions.
“I’m not ‘on the run’ or anything like that – to any government agency that has shown interest in communicating, we are in full cooperation and we have nothing to hide. We defend ourselves in multiple jurisdictions. We have held ourselves to a high standard of integrity, and look forward to clarifying the truth over the next few months.”
