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

Updated by Ryan James
In Brief
  • Terra co-founder Kwon has denied that he’s hiding from law enforcement in a Twitter exchange.
  • Interpol reportedly issued a Red Notice against Terra chief Do Kwon this week.
  • The 31-year-old entrepreneur is facing several allegations of fraud and securities law violations.
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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. 

Update 27 Sept. 13:00 UTC: Coindesk Korea has reported that South Korean prosecutors have reached out to crypto exchanges OKX and KuCoin in an attempt to freeze 3,313 Bitcoin, estimated to be worth approximately $67 million. According to the update, the funds originated from Do Kwon’s LFG fund and were moved to the exchanges on 15 Sept., only one day after an arrest warrant for Do Kwon was issued.

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.

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