Terra tokens plunge as Interpol issues ‘red notice’ against Do Kwon

Terra tokens plunge as Interpol begins hunt for Do Kwon

LAGOS (CoinChapter.com) — The international police organization has issued a Red Notice for Terraform Labs co-founder Do Kwon, who is facing charges related to the $60 billion wipeout of cryptocurrencies he created.

In detail, South Korean prosecutors disclosed that Interpol had requested law enforcement worldwide to locate and arrest Do Kwon. This development comes a week after South Korean prosecutors asked Interpol to issue a “Red Notice” for Kwon on Sept. 19.

Red Notices, as such, are issued for wanted fugitives—either for prosecution or to serve a sentence. According to Interpol’s website, such a notice serves as a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.

Notably, South Korean officials have accused Kwon and five others of crimes, including breaches of capital-markets law.

The Terra founder location has been unknown since the collapse of UST and LUNA. However, recall that Kwon moved from South Korea to Singapore earlier this year, but the city-state on Sept. 17 said he’s no longer there.

Terra LUNA And LUNC Slump Massively

Meanwhile, the ongoing search for Do Kwon is harming Terra cryptocurrencies as Terra Classic and LUNA 2.0 have plummeted significantly in the last seven days.

LUNA/USDT daily price chart. Source: Tradingview

Data from Coingecko revealed that the Terra (LUNA) is by almost 65% in the last seven days amid the ongoing problem. The price of LUNA now trades at $2.08 after tumbling from its high of $18.8 in May. Additionally, the project has a market cap of around $340 million, a long way from its September valuation of $1 billion.

ALSO READ: Terra’s Do Kwon could be listed among most wanted fugitives

LUNC/USDT daily price chart. Source: Tradingview

Similarly, Terra Luna Classic (LUNC) has slumped by 55% in the last seven days. The token on the day was down by 20% to trade at $0.00018695. LUNC presently has a market cap of $1.3 billion with a 24-hour trading volume of $560 million.

Moreover, while it remains a mystery why investors would still invest in the embattled crypto project, it is worth noting that we can expect further volatility from the cryptocurrencies. At the same time, the hunt for its owner continues.