Terra: In an interesting turn of events, LUNA walks ahead of LUNC

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.

Timeline of Terra-luna-v2, Terra-luna

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.

Alex Forshaw and Edward Kim, part of the Terra classic community, provide a detailed plan of the network driven by the community. It reveals a bold attempt to bring back the TerraClassicUSD (USTC)dollar peg after implementing a 1.2% tax burn on September 20th.

A popular cryptocurrency whale known as Gigantic Rebirth on the microblogging platform Twitter has revealed a massive bet of around $8 million against Terra Classic ($LUNC). Terra Classic is the rebranded version of the original Terra ecosystem, which collapsed earlier this year.

Till yesterday, the crypto market was displaying all signs of recovering well after a few disastrous months. However, the release of the Consumer Price Index (CPI) flipped the scenario, and the bears have regained dominance.

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.

Due to the South Korean government's request for his arrest, Do Kwon, the founder of Terraform Labs, is in grave danger. The cryptocurrency market lost $40 billion as a result of Terra's stablecoin USTC and Terra Classic LUNC collapsing.