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Do Kwon's Defense is Refuted by Prosecutors, and the LUNC Price Falls

20-Sep-2022 By: Divya Behl
Do Kwon's Defense is

Do Kwon, the founder of Terra, is allegedly "clearly on the run" according to South Korean authorities, despite tweeting "I am not on the run or anything comparable."

Do Kwon and five other people were given arrest warrants by a South Korean court for breaking the Capital Market Act, and Singapore was asked to extradite them. He is no longer in Singapore, according to Singapore police.

The prices of Terra Classic (LUNC) and Terra (LUNA) have fallen by 33% and 50%, respectively, in the last week as a result of South Korea's action against Terra executives.

Do Kwon, according to the prosecution, refuses to cooperate with inquiries.

According to local news outlet Yonhap on September 18, the Seoul Southern District Prosecutors Office disputes Terra founder Do Kwon's defence and asserts that he is "clearly on the run". Do Kwon tweeted, "He's not on the run and we are fully cooperating with police," which prompted the remark.

Do Kwon has allegedly been hiding since the Terra-LUNA incident in May, according to the prosecution. Do Kwon and the majority of Terra's executives fled South Korea for Singapore and refused to assist the investigations. So, Do Kwon and five other people were recently issued arrest warrants by the Seoul Southern District Prosecutors Office.

Do Kwon, according to the Singaporean police, has left the country. The prosecution team had previously asserted that they were working with Interpol to both extradite the founder of Terra from Singapore and invalidate his passport. Additionally, according to the prosecution's office, Do Kwon recruited attorneys to make it clear that he had no intention of appearing before them for questioning.

Prosecutors are currently searching for Do Kwon's location and will coordinate with foreign law enforcement to get him taken into custody.

Price of Terra Classic (LUNC) Keeps Declining

The price of Terra Classic (LUNC) has dropped 33% over the past week and 12% over the past 24 hours as a result of the Do Kwon incident. In addition, the price of Terra (LUNA) has decreased by around 13% in one day and by 50% in one week.

The 1.2% tax burn plan was approved, and Binance, a cryptocurrency exchange, even declared support for it. On Binance, the tax burn, however, only applies to on-chain operations like deposits and withdrawals.

According to the Terra Classic community, the founder of Terra is not connected to any ideas or price adjustments and pledges to support the LUNC pricing going forward.

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