South Korean prosecutors said on Monday that Interpol had officially issued a red notice against Terra founder Do Kwon after he fled Singapore. As a result, Terra Classic (LUNC) and Terra (LUNA) fell nearly 20% and 15% in the past 24 hours, respectively.
Interpol issues red notice against Do Kwon, LUNC plunges further
On September 26, the Seoul Southern District Prosecutors’ Office revealed that Interpol had accepted a request to issue a red notice against Terra founder Do Kwon. In addition, Interpol notified police in 195 countries around the world to extradite Do Kwon to the South Korean authorities.
South Korean prosecutors have already issued arrest warrants for Do Kwon and five others. In addition, prosecutors have obtained the invalidation of Do Kwon’s passport and placed other Terra executives under a travel ban to investigate and conduct legal proceedings against them in a South Korean court.
Terra founder Do Kwon and his affiliates are charged with violating the Capital Market Act. South Korean prosecutors have launched a new investigation to determine whether Terra Classic (LUNC) and other Terra tokens are securities. The investigation team has also been investigating allegations of fraud, money laundering and tax evasion.
Last week, prosecutors refuted Do Kwon’s comments that he is not on the run and not cooperating with South Korean authorities. However, prosecutors say he has been on the run since the Terra-LUNA crisis in May. Prosecutors asked Interpol to issue a red notice against Do Kwon after Singapore police confirmed he was no longer in the city-state.
Terra Classic (LUNC) and Terra (LUNA) prices fall again
Terra Classic (LUNC) and Terra (LUNA) continue to plunge after South Korea stepped up its investigation against Do Kwon. In fact, the price of Terra (LUNA) has plunged to a 2 week low of $2.02 from a 2 week high of $7.06. In the past 24 hours, LUNA’s price has plunged more than 15%.
Meanwhile, the price of Terra Classic (LUNC) has now fallen below $0.0002. In the last 24 hours, the price of LUNC has fallen nearly 20%, and the price is currently trading at $0.00018. Terra Classic managed to surpass the $0.0005 price target earlier this month. However, Interpol’s action against Do Kwon will continue to have an impact on the price.