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Terra Classic (LUNC) crashes after news emerges Do Kwon is hiding in Serbia

Terra Classic (LUNC) crashes after news emerges Do Kwon is hiding in Serbia

As the cryptocurrency market continues to swim in an ocean of red, the embattled Terra Classic (LUNC) is suffering an exceptionally poor performance after the news emerged that the Terraform Labs founder Do Kwon was hiding in Serbia.

Indeed, LUNC was at press time changing hands at the price of $0.0001644, recording a 3.62% drop on the day, adding up to the weekly loss of 6.56% and 8.92% across the previous 30 days, as per data retrieved by Finbold on December 12.

Terra Classic 24-hour price chart. Source: Finbold

As things stand, the decentralized finance (DeFi) token’s market capitalization currently amounts to $983.46 million after $32.33 million bled from it over the course of 24 hours, according to CoinMarketCap data.

Finding Kwon

Notably, the change in LUNC’s price and market cap arrives as the whereabouts of the founder of the Terra (LUNA) ecosystem, who is accused of fraud in connection with the platform’s demise, were revealed to be in Serbia, as reported by the Korean media outlet Chosun on December 12.

The report quoted an official from the Korean investigative authorities as saying that the “recently obtained information that he was in Serbia was discovered to be true.” According to the source, the Korean Justice Ministry was in the process of seeking a public investigation from the Serbian government.

Earlier, Do Kwon reportedly took refuge in Singapore after a court in Seoul issued an arrest warrant, with prosecutors asking Interpol to revoke his passport and issue a red notice against him, as Finbold reported in September.

At the time, Do Kwon took to Twitter to deny the allegations he was on the run, claiming that he was open to “full cooperation”:

More recently, Terraform Labs founder was slapped with a new $57 million-worth representative action lawsuit in Singapore over his role in the Terra crash, with over 300 plaintiffs accusing him of misleading claims about the TerraUSD (UST) stablecoin.

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