The LUNC token extends its drop as Interpol goes after Terra founder Do Kwon
The price of LUNA Classic (LUNC) has extended its correction, plunging by more than 19% over the past 24 hours.
The most recent price drop comes after the International Criminal Police Organization (Interpol) issued a Red Notice for embattled Terra founder Do Kwon.
As reported by U.Today, South Korea’s court recently issued an arrest warrant against Kwon, accusing the controversial cryptocurrency entrepreneur and several other individuals of violating capital-markets law.
On Sept. 17, Singapore said that Kwon was no longer in the city-state.
The Terra co-founder denied being on the run after his whereabouts became a hot topic within the cryptocurrency community. He even joked about “cutting some calories.”
Kwon insisted that he didn’t have anything to hide, adding that he was willing to cooperate with “any government agency.”
However, the cryptocurrency founder, which is known for his abrasive attitude, hasn’t tweeted anything since then. The recent events suggest that Kwon is obviously on the run, and Interpol is now working on locating and arresting him.
The price of the Luna 2.0 (LUNA) token is also down roughly 16% over the last 24 hours.
Both LUNC and LUNA recorded significant price gains in early September, but their momentum quickly fizzled away. Kwon’s legal troubles are seemingly the main headwind for the two cryptocurrencies.
However, it should be noted that the entire cryptocurrency market remains under selling pressure.
Bitcoin, the largest cryptocurrency, is currently trading below the $19,000 level.