The whole world witnessed Terra’s descent from strength to weakness and its related crypto assets getting shattered across the globe.
From the algorithmic stablecoin UST losing its peg to Interpol issuing a red notice against the network’s creator Do Kwon, the mess has been quite serious. There has now been a significant twist in the case with a lot of Bitcoin involved, it seems.
Reports publicized that at around the time an arrest warrant was issued for the Luna Foundation Guard (LFG) founder Kwon on the 14th of September by South Korean prosecutors alleging that the latter has broken and violated some serious securities laws, the foundation’s 3,313 Bitcoins were transferred to two foreign crypto exchanges for a total of over $69 million. These exchanges are KuCoin and OKX.
On the request of the South Koreans authorities, Interpol has requested that a “red notice” be issued against Do Kwon, the co-founder of the now defunct cryptocurrency startup TerraForm Labs, on grounds that he is not cooperating in an investigation into the $40 billion collapse of cryptocurrencies Terra USD (UST) and LUNA tokens.
the Seoul Southern District Prosecutors Office stated that it requested Seoul’s Ministry of Foreign Affairs regarding Do Kwon on the run case to:
“cancel Kwon ‘s South Korean passport as he was obviously on the run and has no intention to appear before us for questioning.”
Holders of LUNA initiated the pump-and-dump rally in recent days that saw the monetary value of the coin skyrockets by 260 percent just a week earlier. On September 11, on that day, the coin was trading for as much as 7.06 dollars per coin.
The market value of the digital asset expanded by 209% over the course of the day, up to around 1 billion dollar from little bit over 300 million dollar. The trading volume recorded a whopping $1.75 billion for the same 24 hours timeframe.
Both Luna Classic (LUNC) and LUNA have witnessed a recent surge in price after the crypto exchange Binance headed by its CEO Changpeng Zhao (CZ) have shed some optimistic outlook translated by approving to commit to the 1.2% tax burn for on-chain transactions of LUNC and UST. LUNC price has increased by 33% while LUNA recorded a price hike of roughly 21%.
Binance’s CZ stated in this regards on his Twitter Account:
“We have decided to begin burning all trading fees collected on the lunc/busd and lunc/usdt spot and margin trading pairs on binance.”
CZ emphasized that the fees of the LUNC burn are paid at Binance’s expense which has received cheer gratitude and praise from the LUNA CLASSIC community.