LUNA's 8% surge may be noteworthy but a trip down south may be on the cards

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.

Timeline of Terra-luna-v2

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.

The entire crypto community was carefully watching the event of Terra Classic [LUNC]'s unprecedented surge over the last few weeks. Several developments happened in the Terra ecosystem that have the potential to change its fate for good.

A court in South Korea has issued an arrest warrant against Do Kwon, the co-founder and CEO of now-defunct stablecoin issuer Terraform Labs. The court also issued a warrant against five other members of the company, a local media outlet reported on Wednesday.

According to local reports stemming from South Korea, the country's foreign ministry is looking to invalidate the co-founder of Terraform Labs Do Kwon's passport. The story was published the day after it was reported that Seoul's Southern District Prosecutors Office issued a warrant for Kwon's arrest.

A court in South Korea is issuing an arrest warrant for Terraform Labs founder Do Kwon following the collapse of the cryptocurrency Terra (LUNA) and algorithmic stablecoin TerraUSD (UST).

Following an ongoing investigation into the spectacular implosion of the Terra ecosystem, South Korea's Ministry of Foreign Affairs wants to void the passport of Do Kwon, the co-founder of the now-defunct Terraform Labs.

Do Kwon, the founder of Terra LUNA Labs might have to return to back to Seoul after the South Korean government's significant declaration. However, Terra Head has been held responsible for triggering the collapse of the global crypto market.

A warrant for the arrest of Do Kwon and five others has reportedly been issued by prosecutors in South Korea. The prosecutors allege that Kwon and his co-accused violated the country's capital markets law. In addition to the arrest warrant, prosecutors will reportedly request an Interpol red notice for the Terraform Labs chief executive officer.