Terra Classic (LUNC) collapses upon the disclosure that Do Kwon is hiding in Serbia
As the cryptocurrency market continues to swim in a sea of red, the troubled Terra Classic (LUNC) is seeing a particularly bad performance after the revelation that the founder of Terraform Labs was hiding in Serbia.
According to information obtained by Finbold on December 12, LUNC was trading at $0.0001644 at press time, representing a decrease of 3.62 percent on the day, 6.56 percent weekly, and 8.92 percent over the preceding thirty days.
Currently, the market value of the decentralized finance (DeFi) coin is $983.46 million, a decrease of $32.33 million over the last 24 hours, according to data from CoinMarketCap.
Notably, the rise in LUNC’s price and market capitalization coincides with the revelation that the Terra (LUNA) ecosystem’s creator, who is suspected of fraud in relation to the platform’s downfall, is in Serbia, as reported by the Korean media source Chosun on December 12.
A representative of the Korean investigation authorities was reported in the newspaper as stating that “recently received evidence that he was in Serbia was confirmed to be accurate.” According to the source, the Korean Ministry of Justice was in the midst of requesting an inquiry from the government of Serbia.
Finbold reported in September that Do Kwon fled to Singapore after a court in Seoul issued an arrest warrant and prosecutors asked Interpol to cancel his passport and issue a red alert on him.
At the time, Do Kwon denied the reports that he was on the run through Twitter, stating that he was open to “full cooperation”:
More recently, Terraform Labs founder was hit with a fresh $57 million-worth class action lawsuit in Singapore for his part in the Terra meltdown, with over 300 plaintiffs accusing him of deceptive statements regarding the TerraUSD (UST) stablecoin.