LUNC price drops sharply in 24 hours
Luna Classic (LUNC) price has extended its correction period, down more than 19% in the last 24 hours.
The most recent price drop came after the International Criminal Police Organization (Interpol) issued a red notice for Terra’s founder, Do Kwon.
Cause from Do Kwon received Red Notice
A South Korean court recently issued an arrest warrant for Kwon, accusing the controversial cryptocurrency trader and several other individuals of violating capital market laws.
On September 17, Singapore said that Kwon was no longer in the city. The Terra co-founder has denied running away after his whereabouts became a hot topic in the crypto community.
He even joked about “cutting some calories.”Kwon insisted that he didn’t have anything to hide, adding that he was willing to cooperate with “any government agency.”
However, Kwon has not posted anything since. Recent events have shown that Kwon is clearly on the run, and Interpol is currently working on locating and arresting him.
The price of Luna 2.0 (LUNA) token is also down about 16% in the last 24 hours.
Both LUNC and LUNA recorded significant price increases in early September, but their momentum quickly died down. Kwon’s legal troubles appear to be the main reason for the decline in the value of the two cryptocurrencies.
However, it should be noted that the entire cryptocurrency market is still under selling pressure. Bitcoin, the largest cryptocurrency, is currently trading below $19,000.
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