LUNA falls sharply on Do Kwon’s arrest allegations

  • Terra LUNA crashed last year following the collapse of its Terra UST stablecoin project.
  • The crash was followed by a hard fork where the current Terra LUNA token was created.
  • There is news that Terra LUNA’s founder Do Kwon has been arrested.

Terra (LUNA) price has dropped by about 7% after news of the arrest of the founder of Terraform Labs, Do Kwon, surfaced. At press time, LUNA was trading at $1.31.

There are reports that Do Kwon was arrested in Montenegro; something that has been confirmed by Montenegro’s minister of interior Filip Adzic through a post on Twitter.

A translation of the tweet reads:

“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.”

According to Adzic, Do Kwon was arrested at the Podgorica airport with falsified documents. The minister however said that he was “still waiting for official confirmation of identity.”

Several authorities were looking for Do Kown

Do Kwon was the target of a number of investigation bodies around the globe and was even on Interpol’s red notice after the implosion of the TerraUSD (UST) stablecoin and the $40 billion Terra LUNA ecosystem last year.

The implosion of the Terra LUNA collapse sent shockwaves across the crypto market causing a number of other crypto projects to come down.

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