Terra LUNA & LUNC Prices Surge While Do Kwon Denies Ducking Interpol ‘Red Notice’

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A day after Inter­pol issued a ‘Red Notice’ against Ter­ra co-founder Do Kwon, he has denied claims of hid­ing from law enforcement. 

In a recent Twit­ter exchange, Kwon claimed that he was ‘writ­ing code in his liv­ing room’ while ‘mak­ing zero effort to hide.

Kwon denies fleeing despite Red Notice

On being asked about the Red Notice issued by the inter­na­tion­al crim­i­nal police orga­ni­za­tion, Kwon not­ed, “For some­thing that has ‘notice’ in the name it sure gives no notice.”

Fur­ther shar­ing an offi­cial link to Interpol’s want­ed per­son list, Kwon sug­gest­ed that the agency has not includ­ed him offi­cial­ly on the list. Kwon also argued, “I go on walks and [to] malls, no way none of CT hasn’t run into me the past cou­ple weeks.”

Ear­li­er last week as well, as soon as the reports of Kwon being on the run emerged, he denied the alle­ga­tions. How­ev­er, reports high­light­ed that the Seoul court issued a war­rant for the arrest of Ter­ra co-founder Do Kwon and five addi­tion­al peo­ple. Mean­while, it was report­ed that the pros­e­cu­tion was look­ing into the Ter­ra crash while tak­ing steps to revoke the pass­ports of the Ter­ra co-founder.

Weeks into the Ter­ra USD (UST) and LUNA col­lapse, the 31-year-old entre­pre­neur and sta­ble­coin issuer Ter­raform Labs was fac­ing sev­er­al alle­ga­tions of fraud and secu­ri­ties law vio­la­tions. And with recent reports of Kwon flee­ing Sin­ga­pore mak­ing the rounds, author­i­ties seem to be tight­en­ing their grip.

How­ev­er, Ter­raform co-founder made it clear with a tweet this month that it will fight the accu­sa­tions, stat­ing, “We are in the process of defend­ing our­selves in mul­ti­ple juris­dic­tions – we have held our­selves to an extreme­ly high bar of integri­ty, and look for­ward to clar­i­fy­ing the truth over the next few months,”

Impact on the crypto market

After months of mar­ket weak­ness, the glob­al cryp­tocur­ren­cy mar­ket is main­tain­ing a mar­ket cap close to $1 tril­lion on CoinGecko. With that, after los­ing a fair share of the mar­ket cap in the past weeks, LUNA has also gained strength and recov­ered around 15% in the last 24 hours.

At press time, it is main­tain­ing a 24-hour range of $2.24 and $2.80.

Ter­ra Clas­sic USD (USTC) has also spiked over 23% in the pre­vi­ous day while trad­ing in a range of $0.0264 and $0.0346.Notably, Luna Clas­sic (LUNC) also start­ed to rebound as a result of a Binance tax imple­men­ta­tion on Mon­day. The exchange estab­lished a burn­ing mech­a­nism to burn all trad­ing fees on LUNC spot and mar­gin trad­ing.

Inter­est­ing­ly, the JAIL KWON (JKWON) meme coin has also shown resilience by gain­ing 125% in the last two weeks. In the past day, it has spiked close to 11%. Despite the surge, it remains down 67% from its all-time high peak of $0.00122915.

Disclaimer

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