23 April, 2024

Terraform Labs Co-founder Denies Allegations of Being on the Run

26 Sep, 2022

22 Nov, 2023

Terra Classic has been in deep trouble recently. A total wipeout occurred which has been a massive topic of discussion in the crypto community.

Since this historical moment in the cryptocurrency market, allegedly, Do Kwon, the co-founder of Terraform labs, the developer of Terra crypto has been on the run. However, he tells the community over Twitter that he has no intention of hiding from the authorities.

Interpol, the International Criminal Police Organization has issued a red notice against the co-founder of Terraform labs. Terra Classic (LUNC) has collapsed however, this news has further affected the prices of the token. The newly launched token, Terra (LUNA), by Terraform Labs has also reacted to this news.

Do Kwon addressed the allegation of hiding from authorities publicly on Twitter. He mentions that he had no intention of hiding. On the contrary, he has been taking walks and going to malls but in the past weeks, he has not run into anyone.

The Foreign Ministry in South Korea has requested to invalidate his passport. This will force Do Kwon to return to South Korea in a maximum of 14 days to avoid further complications.

South Korean authorities have also confirmed that Interpol has released a global request for law enforcement to arrest him.

Surprisingly, these series of events have been positively affecting the tokens developed by Terraform Labs. Terra Classic (LUNC) prices have spiked by a whopping 61% in the past 24 hours. The trading volume has also taken a large leap of 250% to $2.29 billion.

LUNA, or the Terra token, has also received an influx in price. It jumped by about 30% in the past 24 hours. The average price of LUNA is now $2.68. The trading volume of LUNA has also dramatically increased in the past day by 204% to $730 million.

Binance has also contributed to the bullish trend in Terra Tokens. The crypto exchange platform has announced that it will begin a tax burn of 1.2% on all trading of LUNC. The two combined have played a massive part in to hike in prices.


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