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Terra LUNA Classic and LUNA Price Action Following Do Kwon Arrest Warrant

Discover the latest developments in Terra LUNA Classic (LUNC) and LUNA prices after the arrest warrant for Do Kwon and their impact on the crypto market.
Published on 2022-09-19

Terra LUNA Classic and LUNA Price Action Following Do Kwon Arrest Warrant

Overview of Price Movements

Terra LUNA Classic (LUNC) saw significant price fluctuations following the arrest warrant for Do Kwon, the founder of the Terra Luna blockchain. Prior to the warrant, LUNC traded between $0.00030 and $0.00034. However, it has since dropped to $0.0002748, marking an 11% decline in the last 24 hours and a 33% decrease over the past seven days. Among the top 100 cryptocurrencies, LUNC is currently the worst performer.

LUNA's Sharp Decline

LUNA, another cryptocurrency from Terraform Labs, has experienced an even more dramatic downturn. It plummeted by 51% in the last seven days, trading at $2.59 with a 13.76% drop in the past 24 hours. This decline surpasses other major cryptocurrencies, highlighting the severe impact of the legal developments on LUNA's value.

Community Reaction and Do Kwon's Response

The LUNC community has argued that Do Kwon has no direct connection to Terra LUNA and LUNC, despite the price drops. Do Kwon has also addressed claims of evading law enforcement, stating that his team is fully cooperating with authorities and has nothing to hide. He emphasized that Terraform Labs is actively defending itself in multiple jurisdictions.

Broader Crypto Market Trends

The cryptocurrency market as a whole has been under significant pressure since December 2021. Bitcoin has lost over 70.83% of its value since its all-time high, while Ethereum has dropped 25% in the last seven days, making it one of the worst performers among the top ten cryptocurrencies.

Key Takeaways

  • Terra LUNA Classic (LUNC) has fallen 33% in the last seven days, trading at $0.0002748.
  • LUNA has dropped 51% over the same period, trading at $2.59.
  • The broader crypto market continues to struggle, with major coins like Bitcoin and Ethereum experiencing significant declines.
  • Do Kwon and the LUNC community maintain that he is not involved with Terra LUNA and LUNC, and Kwon has pledged cooperation with law enforcement.

This article provides insights into the recent price action of Terra LUNA Classic and LUNA following the arrest warrant for Do Kwon, as well as the broader context of the cryptocurrency market.

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