Terra (LUNA) and Terra Classic (LUNC) price tumbled after a South Korean court issued an arrest warrant against its founder Do Kwon and five others. LUNA and LUNC price has fallen over 40% and 20% to $2.29 and $0.00027, respectively.
Terra Classic (LUNC) and LUNA Price Pump and Dump
Terra Classic (LUNC) price skyrocketed by almost 37,000% since the Terra-LUNA crash and hit a high of $0.000588. The LUNC price rally was backed by the Terra community, pushing the daily trading volume to jump over $3.5 billion.
Most of the rally came in September as the LUNC price jumped from $0.00016 to $0.00058 due to burning, staking, project building, ecosystem education, and governance activities.
In addition, the Terra community and TFL have passed the 1.2% tax burn proposal. The implementation with all changes will be done by September 20. Currently, crypto exchanges including Binance, Huobi, MEXC Global, KuCoin, Gate.io, and other small exchanges have announced support for the 1.2% tax burn.
At the time of writing, Terra Classic (LUNC) price is trading at $0.00028. The price is most likely to increase soon as the Terra community aims to hit the $0.01 short term target. The community has successfully pushed the LUNC price to hit the $0.0005 target.
After hitting the $0.0005 target on September 8, the community pushed the Terra (LUNA) price to a high of $7.06 on September 9. However, the rally faded despite a daily trading volume of over $6 billion. The Terra Classic community seems to only support LUNC in the future.
At the time of writing, Terra (LUNA) price is trading at $2.87, down over 40% in the last 24 hours. The daily trading volume has also dropped below $1.5 billion.
Terra Founder Do Kwon Arrest
South Korean court has issued arrest warrant against Terra founder Do Kwon and five others. The move came after Seoul Southern District Prosecutors Office’s Financial and Securities Crime Joint Investigation Team started a new investigation to determine whether Terra tokens are securities. Also, the prosecutors will accuse Terra for violating the Capital Market Act.
As per South Korean media, prosecutors will work with Interpol to extradite Do Kwon from Singapore.
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