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Why Do Kwon is going to be arrested? & What will happen to LUNA after that?
While the LUNC community celebrates the probable return of the Terra Luna Classic (LUNC) coin, Do Kwon, the creator of Terraform Labs, is currently wanted by South Korean police.
A court in Seoul allegedly issued an arrest order for Kwon and five other persons, all of whom are now in Singapore. According to the South Korean prosecutor’s office, the Terra founder is accused of breaking the country’s capital markets legislation.
In May, what the Terra community initially thought was a FUD campaign turned out to be one of the most severe markets falls in crypto history, causing investors in TerraUSD (UST) now called TerraUSD Classic (USTC) and Terra (LUNA) to lose millions of dollars (LUNC).
The UST stablecoin began to deviate from its linkage to the US dollar, falling to an all-time low of $0.006 in June.
Apart from UST, LUNA, which peaked at $119.18 in April, has collapsed to an all-time low of $0.0000009, leading to suicide hotlines being tagged to the project’s Reddit forum.
The Terra crisis also had an impact on many decentralized finance (DeFi) protocols, resulting in a drop of 80% or more for projects affiliated with the stablecoin.
Kwon recruited attorneys from a South Korean law company on Aug. 17, just a few days after claiming that the authorities had not yet contacted him. According to reports, Terra’s founder handed up a letter of appointment to the agency in charge of examining the Terra collapse.
On August 16, the Terra founder also ended his silence in an attempt to cleanse his name of different claims. Despite Kwon’s attempts, community members continued to attack the Terra CEO, referring his position to that of Tornado Cash’s founder, who was imprisoned for designing a privacy code.
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