After Do Kwon, Terraform Labs and their affiliates filed a lawsuit on Friday against Do Kwon and Terra Classic (LUNC), the prices of Terra (LUNA and Terra Classic (LUNC), saw a sudden drop in prices. It shows that Do Kwon has influence over LUNA and LUNC.
The Terra (LUNA), price dropped from $2.01 – $1.80 in just hours after Do Kwon’s U.S. SEC suit was announced to the community. LUNA has not shown any upside momentum since the news. Under selloff pressure, the price is currently trading at $1.89. The trading volume has dropped 35% over the last 24 hours, which indicates a decrease of interest among traders.

Advertisement

Interestingly, the Terra Classic (LUNC), price also fell during this time. Do Kwon, Terra founder and Terra Classic community members, claimed previously that Terra Classic developers and Terra Classic community are independent from Terra. It seems that Do Kwon still has an influence on Terra Classic.
The LUNC price fell from $0.0001757 down to $0.0001655 February 17. The current price is $0.0001707, which is above 1% but still lower than the earlier price. The current 24-hour low and high prices are $0.0001671 (lowest and highest) and $0.0001728 (highest) respectively. The trading volume has dropped by 25% over the past 24 hours, which indicates a decrease of traders’ interest. Due to the Do Kwon lawsuit and its affiliates, there is a large sell-off in both tokens.

The U.S. Securities and Exchange Commission filed a lawsuit against Terraform Labs and Do Kwon, accusing them of plotting a $40 Billion securities fraud involving LUNA and Terra’s algorithmic stablecoin TerraUSD.
Trending Stories

The SEC also alleges that Do Kwon and the company secretly transferred more than 10,000 BTC out the company and converted some tokens to cash via a Swiss bank. After the Terra-LUNA crisis, Do Kwon has withdrawn more than $100 million in fiat currencies from a Swiss bank.
Also read: Will Bitcoin’s Price Rise Above the Key 200-WMA Level Or it’s a “Bull Trap”.

About the author
Disclaimer

The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

Crypto Stories
View all