LUNC Shows Signs of Recovery After Do Kwon Commented by CoinEdition

LUNC showed signs of recovery after Do Kwon’s suspension
  • Do Kwon says he’s “not a fugitive.”
  • Kwon tweeted that he is “fully cooperating” with government agencies.
  • The classic pattern (LUNC) appears to be on a steady path to price recovery.

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

In the wake of the Terra LUNA crash this year, nearly $40 billion in investor money was lost. Earlier this week, South Korean prosecutors issued an arrest warrant for Do Kwon and also asked the Ministry of Finance to revoke his passport.

Kwon was accused of fraud by five South Korean investors. The 31-year-old is being investigated by the Financial Crimes Unit and the US Securities and Exchange Commission.

Saturday, after local police released a statement saying he was a fugitive.

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

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

Kwon tweeted:

For any government agency that has expressed an interest in communication, we cooperate fully, and we have nothing to hide. We are in the process of defending ourselves in several jurisdictions – we have held ourselves to a very high standard of integrity and look forward to getting the truth clear over the next few months.

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

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

Currently, the cryptocurrency is in the middle of a redemption path. Terra Classic price today is $0.000307 with a 24-hour trading volume of $591,841,498, according to CoinMarketCap.

The post LUNC showed signs of recovery after Do Kwon’s comment first appeared in the Coin Edition.

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