LUNA investors may be panicking right now thanks to this Do Kwon update

According to a report, an arrest warrant has been issued by a court in South Korea against the founder of Terraform Labs, Do Kwon, and five others. The report in question went on to say that the allegations against Do Kwon include violations of the country's capital markets laws, among others.

Timeline of Terra-luna-v2

The founder of the collapsed crypto Terra (CRYPTO: LUNA) and terraUSD, Do Kwon on Sunday denied that he was on the run after the Singapore police said he was no longer in the country.  Last week, South Korean authorities issued an arrest warrant for Kwon and five others following the collapse of his blockchain platform Terraform Labs.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject.  Launched to support the Terra stablecoin (UST), the Luna token (LUNA) was launched by Terraform Labs in 2019.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject. LUNA is a cryptocurrency that supported the now-defunct stablecoin TerraUSD (UST).

Terra co-founder Do Kwon has been subject to many lawsuits and negative publicity after the mishap with the company's tokens. Tragedy struck some months ago after the company's stablecoin was depegged, causing its digital asset Terra to lose as much as 90% of its value.

Do Kwon, disgraced founder of the now defunct Terraform Labs, says he is not “on the run” only hours after Singapore police said he was no longer in the country. Kwon, along with five others, is facing arrest in South Korea after an arrest warrant was issued against him for charges of violating the Capital Markets Act.

Do Kwon, founder of now-defunct blockchain firm Terraform Labs, has broken silence about the recent warrant authorizing his arrest, claiming that he is not on the run from the law.

Terra LUNA founder Do Kwon could be facing the heat despite acting like the South Korean arrest warrant was not his concern. In a new turn of events, things seemed to be working against Kwon after a Bloomberg report showed that he was facing challenges in far-away Singapore.

The unheard rise of Terra Classic [LUNC] over the past few weeks was closely watched by the whole crypto world. For instance, another intriguing piece of information emerged following the recent arrest warrant for Terra's co-founder Do Kwon. According to reports, Terra is a blockchain that is controlled by the community.

Terra Luna Classic (LUNC) is ravenously batting through a bullish-reversal pattern known as a falling wedge. Over the last 24 hours the bulls are gathering momentum once again and buyers are starting to move in to slow down the fall. 

South Korean authorities have issued a warrant of arrest for Do Kwon, co-founder of Terraform Labs, which saw the collapse of its $40 billion crypto ecosystem earlier this year. News of the arrest negatively impacted the price of the new Luna token and sent it plunging by almost 50 percent.