South Korean prosecutors denied Do Kwon’s claim that he didn’t run over the weekend. He asked Interpol to issue a red notice against the co-founder of Terraform Labs. As this increased the dose of the $40 billion Terra drama, the value of LUNC and LUNA tokens went into free fall. Here are the details…
Red Notice to Do Kwon
The Seoul Southern District Attorney’s Office stated that Kwon was not cooperating with the investigation and had told them he had no intention of coming for questioning. Prosecutors asked the Seoul foreign ministry to revoke Kwon’s passport. They said they had “concrete evidence” that Kwon was trying to escape. Authorities in South Korea are reportedly asking Interpol to issue a “red notice” for Terraform Labs co-founder Do Kwon as his current location is unknown.
The Interpol red notice, a call to law enforcement around the world, may prevent individuals from issuing a visa. It can restrict their cross-border travel and “temporarily arrest pending extradition, surrender or similar legal proceedings”. Authorities want Do Kwon to issue a “red notice” as his current location is unknown, according to the Financial Times. A red notice is a request by law enforcement agencies around the world to locate and arrest the person named and hold him until extradition proceedings begin. If announced, it will be sent to member police forces in 195 countries around the world.
Kwon has been on the run since May
A South Korean court had issued an arrest warrant for Do Kwon and five others for violating the Capital Markets Law. He requested extradition from Singapore. However, Singapore police confirmed that Kwon is no longer in Singapore. cryptocoin.comAs we have also reported, Kwon tweeted “I am not a fugitive and we are fully cooperating with the authorities” recently.
Prosecutors said Do Kwon has been on the run since the Terra-LUNA crisis in May. Many of Terra’s directors, including Do Kwon, went to Singapore from South Korea. He was unable to cooperate in the investigations. Therefore, the Seoul Southern District Prosecutor’s Office recently issued an arrest warrant for Do Kwon and five others to the court. The prosecution also claims that Do Kwon has hired lawyers to explain that he has no intention of appearing before prosecutors for questioning.
LUNA and LUNC price drop
The situation surrounding Do Kwon has caused the price of Terra Classic (LUNC) to drop 11.8 percent in the last 24 hours and 34.5 percent in one week.
7-day LUNC chartMoreover, the price of Terra (LUNA) has lost its value by 15.6 percent in one day. LUNA dropped from $3 to $2.51. It has lost 55 percent in value in the last 7 days. It changes hands for around $2.53 at the time of writing.
7-day LUNA chartMeanwhile, the recommendation to burn 1.2 percent tax for LUNC was accepted. Crypto exchange Binance even announced its support for it. However, the tax burn will only apply to on-chain activities such as deposits and withdrawals on Binance. Meanwhile, the Terra Classic community says that Terra’s founder has no affiliation with any offers or changes. Thus, LUNC continues to support its price.
