After a South Korean arrest warrant for Do Kwon, Interpol now wants him dead. The international organization has launched a "Red notice". At the same time, Do Kwon-founded cryptocurrency Luna Classic (LUNC) saw its price drop following this announcement.
Do Kwon on the run?
As a reminder, Korean Do Kwon is the co-founder of Terraform Labs. At just 31, he is known for making his fortune with his Terra stablecoin and his eccentricity on social networks. Now, in collaboration with the Korean authorities, Interpol has issued a Red Notice for the extradition of Do Kwon.
According to Interpol's definition, a Red notice "consists of a request to law enforcement agencies around the world to locate and provisionally arrest a person awaiting extradition, surrender or other legal proceedings."
In addition to a Red notice on his head, Do Kwon also has an arrest warrant issued by the South Korean court. The entrepreneur and his associates are accused of violating the Capital Markets Act. Among them is Nicholas Platias, co-founder of Terraform Labs.
Do Kwon said: “I'm not on the run or anything, for any government that wants to communicate or collaborate, we have nothing to hide. Then the entrepreneur commented on his own tweet with irony: “Knowing that I haven't been running for a long time, I need to lose calories”.
The founder of Luna Classic (LUNC), known for her sensual demeanor, hasn't tweeted anything anymore. Everything suggests that Do Kwon is indeed on the run, as Singapore has stated that the entrepreneur is no longer in the city-state.
A token already in trouble
Before the Interpol announcement, the Luna Classic was already struggling to recover. In the last 7 days, in fact, LUNC has recorded a decrease in value of 25,13%. At the time of writing, the digital asset has lost 9,62% in just 24 hours.
As a reminder, the LUNC token's all-time high was € 107,52 in April 2022. Today, its value is only € 0,00002114. LUNA seems to hold up a little better to recent announcements. The price of Terra (LUNA) is now 2,76 euros with a trading volume of 580.581.304 euros in 24 hours. Earth has decreased by 0,10% in the past 24 hours.
Interestingly, LUNC and LUNA experienced significant price spikes in early September. However, these surges were short-lived and quickly dwindled. This is mainly due to Do Kwon's current legal problems. However, it can be remembered that the entire cryptocurrency market has been in trouble lately.
There are still a few Investors who believe in a rebound of the LUNC token, but according to the latest news, nothing good is expected.
Do Kwon, responsible for LUNC's $ 40 billion burn, now appears to be on the run. Will the fugitive turn himself in or will he continue to hide?
