Terra Classic (LUNC) appears to have been on a steady recovery path for the past few days. Terra Classic (LUNC) price plummeted after Terraform Labs founder Do Kwon received an arrest warrant.
After billions were lost and regulators began to swarm, development and control was handed over to the community and relaunched as LUNA Classic. Many investors are still cautious, especially those who have already been hurt by the scandal.
South Korean authorities issued an arrest warrant for Kwon and five other people on September 14. The founder was arrested for violating market regulations. All six people listed in the warrant are in Singapore.
This caused the price of LUNC to drop sharply, with the token losing almost 15% in a short period of time. Before the warrant was released, LUNC was trading in the $0.00030 to $0.00034 range.
The token has since recovered somewhat. The LUNC community claimed Do Kwon had no connection to the Terra Classic project when the price dropped.
Do Kwon says he is cooperating with the authorities
Meanwhile, Kwon addressed allegations that he evaded prosecution. He stressed that was not the case, and Kwon said his team was fully cooperating with authorities and had nothing to hide. He went on to say that his company is currently defending itself in multiple jurisdictions.
“I’m not ‘on the run’ or anything – for any government agency that has shown an interest in communicating, we are fully cooperating and have nothing to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high standard of integrity and look forward to clarifying the truth over the coming months.”