The LUNC token extends its drop as Interpol goes after Terra founder Do Kwon
LUNA Classic (LUNC) price has extended its correction with a decline of over 19% in the last 24 hours.
The most recent price drop comes after the International Criminal Police Organization (Interpol) issued a Red Notice for embattled Terra founder Do Kwon.
As U.Today reports, a South Korean court recently issued an arrest warrant against Kwon, accusing the controversial cryptocurrency entrepreneur and several other individuals of violating capital-markets law.
On Sept. 17, Singapore said that Kwon was no longer in the city-state.
The Tera co-founder denies running away after his whereabouts became a hot topic within the cryptocurrency community. He even joked about “cutting some calories.”
Kwon insisted that he didn’t have anything to hide, adding that he was willing to cooperate with “any government agency.”
However, the founder of the cryptocurrency, who is known for his obstinate attitude, hasn’t tweeted anything since. Recent events suggest that Kwon is clearly on the run, and Interpol is now working to find and arrest him.
The price of the Luna 2.0 (LUNA) token is also down roughly 16% over the last 24 hours.
LUNC and LUNA both posted significant price gains in early September, but their momentum quickly faded away. Kwon’s legal trouble appears to be the main headwind for the two cryptocurrencies.
However, it should be noted that the entire cryptocurrency market remains under selling pressure.
Bitcoin, the largest cryptocurrency, is currently trading below the $19,000 level.
