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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.
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.
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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.)
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