Key Takeaways:
- Terra founder Do Kwon could lose his South Korean passport.
- The former executive denied the rumors on the $40 million asset freeze.
- LUNC lost altitude in the previous week, hinting at more pain ahead.
YEREVAN (CoinChapter.com) – The infamous Terra founder Do Kwon, who was issued a ‘red notice‘ from Interpol in late September, made headlines again. According to a government-issued document, the former executive could lose his South Korean citizenship while he is forced to return to the country and face charges for the Terra-led $60 billion crypto crash.
Do Kwon could lose his passport
Do Kwon and five others have been accused of breaching South Korea’s capital-markets law. Terraform Labs has rejected the charges and said the case has become “highly politicized.”
Additionally, the South Korean newspaper Chosun Ilbo reported that prosecutors in Seoul have frozen an additional 56.2 billion won ($40 million) of assets they claim are Kwon’s. However, the former executive denied the rumors on Twitter, calling them “falsehoods.”
” I don’t know whose funds they’ve frozen, but good for them, hope they use it for good,” said Kwon.
Hope they don’t use it on attempting to prosecute the opposition candidate for the presidential election or to put half the country’s living former presidents in jail. Oh wait, too late.
also added the executive, citing the political situation in South Korea.
Also read: Twitter Stock Soars While Tesla Shares Tank As Elon Musk Revives $44B Buyout.
“Reap what you sow,” said Kwon, while the comment section split into pro and con groups, as usual. One camp reminded the Terra founder that he should face the consequences of his actions as well and possibly spend some time behind bars. The other camp suggested focusing on the LUNC token instead of mulling over Do Kwon news.
LUNC Price Under Pressure
Meanwhile, the new LUNC token had a turbulent week and lost 20% of its valuation month-to-date. As a result, the token traded at $0.0003 in the Asian Pacific hours on Oct. 6. The four-hour chart indicated that the digital asset held on to significant support, instrumental in preventing sharp declines since late August.
However, the declining trading volumes showed insufficient determination from LUNC bulls to pump the price. The weak buying pressure is understandable, considering the overall bearish climate on the market and investors’ unwillingness to dive into risky assets.
