Currently, the crypto-currency is halfway through the recovery. At the time of writing, LUNC’s price is $0.0003109, up 1.56% in the past 24 hours, according to CoinMarketCap.
Stop order issued
On September 14, the South Korean government issued an arrest warrant for Do Kwon and five others. The founder was arrested for market violations. According to the arrest warrant, the six people named are located in Singapore. This led to a sudden drop in the price of LUNC, with the token losing about 15% in a short period of time. While it was trading at $0.00034 before the arrest warrant was announced, LUNC has dropped to nearly $0.00027. In the meantime, the token has recovered to some extent. After the price drop, the LUNC community stated that Do Kwon was in no way associated with the Terra Classic project.
Do Kwon comments on concerns
Meanwhile, Kwon responded to allegations that he was hiding from authorities. He clarified that he was not on the run, as alleged. Do Kwon said his team is cooperating fully with government agencies and that he has nothing to hide. He added that his company is defending itself in multiple jurisdictions.
We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months
– Do Kwon 🌕 (@stablekwon) September 17, 2022
I’m not “on the run” or anything like that. For all the government agencies that have expressed interest in communicating, we are cooperating fully and we have nothing to hide. We are defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and we look forward to clarifying the truth in the coming months.”
It remains to be seen if Do Kwon’s comments will propel LUNC back to last week’s levels.