Breaking News: According to a text message from the prosecutor’s office, Do Kwon and five other people are wanted by the Seoul court on suspicion of breaking the country’s financial markets legislation. Now that the Founder of Terra arrest surfaced in the crypto community, will LUNA collapse? Will LUNA crash to 0?
What is Terra Crypto?
Terra was a crypto project that wanted to promote a blockchain that handles algorithmic stablecoins. However. earlier this year in 2022, their famous UST stablecoin could not handle the strong bear market and collapsed from its peg of 1$ down to the current few cents. Its other tokens such as LUNA crashed from a high of 120$ down to near 0$.
In order to move on from this mess, the founder decided to start a new token called LUNA priced currently around 2$, and the previous legacy token that is worth a few cents became known as LUNA Classic or LUNC.
Terra Founder Arrest – What Happened?
Prosecutors searched Daniel Shin’s residence in July 2022 as their investigation into claims of unlawful activities leading to the demise of TerraUSD progressed. Daniel Shin is a co-founder of Terraform Labs.
Do Kwon, the creator of the Terraform Labs cryptocurrency ecosystem was handed an arrest warrant today by a South Korean court. His collapse earlier this year caused a global crypto crash. Do Kwon and five other people are wanted by the Seoul court on suspicion of breaking the country’s capital markets legislation.
Will LUNA Crash again?
The collapse of the TerraUSD stablecoin as part of the unwinding of the Terra platform in May 2022 shook confidence in the digital asset market, which has yet to recoup much of the losses.
The combined $60 billion that both tokens originally demanded have fallen to almost nil in price. Today however, LUNA and LUNC tokens lost more than 15% and 35% respectively. If the developments progress in the negative direction, the project risks reaching 0$ again as it did before.
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