Share this article
Terra’s Luna, Luna Classic Tokens Plunge as South Korea Issues Arrest Warrant for Do Kwon
Terra-based decentralized finance products saw outflows of over $20 million Wednesday morning.
Updated May 11, 2023, 4:43 p.m. Published Sep 14, 2022, 9:54 a.m.
In this article
Terra tokens luna (LUNA) and luna classic (LUNC) plunged as a South Korean court issued an arrest warrant against Do Kwon, the network's founder, and five others on Wednesday morning.
LUNA fell 36% in the past 24 hours while LUNC dropped 25%, with much of the price movement coming after news of the warrant was made public on Wednesday morning. The warrant was issued four months after the collapse of the $40 billion Terra ecosystem and its algorithmic stablecoin (UST), which was the first domino to fall in this year's crypto winter.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Valued locked on Terra-based products fell 30%, dropping from more than $55 million to under $29 million at the time of this writing as the tokens fell and with investors likely withdrawing capital, data shows.
Last week, LUNA gained 200% in a speculative rally following the release of a fundamental catalyst on luna classic, the network’s old tokens. Those gains were mostly reversed as traders took profits in the following days, and are now nearly negligible as LUNA tokens slump back to the prices of Sept. 5.
(This is a developing story.)
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
DOT Sinks 2% After Breaking Key Support
The Polkadot token erased earlier gains amid elevated volume, falling from a high of $2.09 to $1.97.
What to know:
- DOT collapsed through ascending trendline support around the $2.05 level on a massive 284% volume surge.
- The token broke decisively below the support level to trade 2% lower over the last 24 hours.
Top Stories
