The Seoul Southern District Prosecutors' Office in South Korea announced that Interpol had approved the application to issue a Red Notice against Terra founder Do Kwon.
As a result, Terra Classic and Terra (LUNA) have dropped nearly 20% and 15%, respectively, in the last 24 hours.
Interpol Issues Red Notice Against Do Kwon
On September 26, the Seoul Southern District Prosecutors' Office in South Korea announced that Interpol had approved the application to issue a Red Notice against Terra founder Do Kwon. Furthermore, Interpol has notified police in 195 countries around the world to extradite Do Kwon to South Korean authorities.
Prosecutors in South Korea had already issued arrest warrants against Do Kwon and five others. Furthermore, prosecutors invalidate Do Kwon's passport and put other Terra executives on a travel ban. The move was taken to investigate and prosecute them in a South Korean court.
Terra founder Do Kwon and associates have been accused of violating the Capital Market Act. South Korean authorities have initiated a new investigation to investigate whether Terra Classic (LUNC) and other Terra tokens are securities. The investigating team has also looked into charges of fraud, money laundering, and tax evasion.
Prosecutors refuted Do Kwon's claims that he is not on the run and is collaborating with South Korean authorities. However, prosecutors allege he has been on the run since the Terra-LUNA crisis in May. Prosecutors asked Interpol to issue a red alert on Do Kwon after Singapore police confirmed that he was no longer in the city-state.
Terra Classic and Terra (LUNA) Price Crash Further
Terra Classic (LUNC) and Terra (LUNA) continue to fall as South Korea escalates its investigation against Do Kwon. In fact, Terra's (LUNA) price has dropped from a high of $7.06 to a low of $2.02 in less than two weeks. In the last 24 hours, the LUNA price has dropped by more than 15%.
Meanwhile, the Terra Classic price has dropped below $0.0002. In the last 24hrs, the LUNC price has plunged nearly 20% and is currently trading at $0.00018. Earlier this month, Terra Classic successfully broke beyond the target price of $0.0005. However, the price will be influenced by Interpol's action against Do Kwon.
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