Terra Classic (LUNC) crashed after news broke that Do Kwon was hiding in Serbia

As the cryptocurrency market continues to swim in a sea of โ€‹โ€‹red, beleaguered Terra Classic (LUNC) is suffering an exceptionally poor performance after news broke that Terraform Labs founder Do Kwon was hiding out in Serbia.

In fact, at press time, LUNC was trading at $0.0001644, down 3.62% on the day, adding to weekly losses of 6.56% and 8.92% over the previous 30 days, according to data retrieved by Coinphony on Dec. 12.

Terra Classic 24 hour price chart. source: quinphone

As of now, the decentralized finance (DeFi) token’s market cap is currently $983.46 million after hemorrhaging $32.33 million from it over the course of 24 hours, according to CoinMarketCap data.

Find Kwon

Notably, the change in LUNC’s price and market capitalization reaches the founder of the Terra (LUNA) ecosystem, who is accused of fraud in connection with the platform’s demise and has been revealed to be located in Serbia, as reported by K-media. Chosun on the 12th of December.

The report quoted an official from the Korean investigation authorities as saying that “the information he received recently about his presence in Serbia has been proven correct.” According to the source, the Korean Ministry of Justice is in the process of requesting a public investigation from the Serbian government.

Earlier, Do Kwon reportedly took refuge in Singapore after a Seoul court issued an arrest warrant, with prosecutors asking Interpol to revoke his passport and issue a red notice against him, Coinphony reported in September.

At the time, Do Kwon took to Twitter to deny allegations that he was a fugitive, claiming he was open to “full cooperation”:

Recently, the founder of Terraform Labs received a new $57 million representative lawsuit in Singapore for his role in the Terra crash, with more than 300 plaintiffs accusing him of making misleading claims about the TerraUSD (UST) stablecoin.

warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

After Terra Classic (LUNC) crashed after news broke, Do Kwon hiding in Serbia appeared for the first time on Coinphony.

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