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Korean prosecutors have reportedly frozen $40 million of funds Kwon had attempted to conceal on crypto exchanges KuCoin and OKX. The post Terra LUNA Do Kwon Lashes out at Fake Reports About Frozen Funds appeared first on BeInCrypto.
Terra founder Do Kwon has described news of South Korean prosecutors freezing his $39.66 million crypto as a “falsehood.” I don't get the motivation behind spreading this falsehood – muscle flexing?
Following an arrest warrant issued by the Seoul Southern District Prosecutor's Joint Financial Securities Crime Investigation Team, authorities in that country moved on to freeze the assets of Terra (LUNA) founder Do Kwon. So far, crypto exchanges have frozen around $100 million from these platforms.
Terra's Do Kwon denies media reports that his cryptocurrency assets have been frozen by South Korean authorities
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"I don't know whose funds they've frozen, but good for them," Terra co-founder Do Kwon wrote on Twitter.
"I don't know whose funds they've frozen, but good for them," Terra co-founder Do Kwon wrote on Twitter.
In today's trading session, Terra Luna is down by less than a percentage point and currently trading at $2.5.
LUNC and LUNA prices are presently in red
Binance has burnt LUNC worth around $1.8 million collected from the spot and margin trading.
Binance has finished its first burn of Terra Classic (LUNC), burning about $1.86 million in USDT equivalent from trading fees collected from spot and margin trading pairs. Binance first announced that it would burn the trading fees on September 26, and the next announcement will take place on October 10.
The Terra Luna Classic (LUNC) price has dropped slightly in the past 24 hours, dipping by 0.5% to $0.00031545. Yet it remains up by 3% in a week and by 22% in a month, driven largely by Binance having completed a burn of all the trading fees it has collected from LUNC trading between September 21 and October 1.
This is actually a tiny percentage, but the news caused the price of LUNC to spike by 20%
The crypto markets have turned greener recently as the prices of the popular cryptos appear to have rebounded well. While the rebound is yet to be validated, Terra's (LUNA) price rallies, gaining nearly 12% in the past few hours. On the contrary, the LUNC price is strongly heading toward lower support.
Terraform Labs said South Korean prosecutors overextended their authority in seeking an arrest warrant for CEO Do Kwon, according to a report in the Wall Street Journal, citing a statement from Terraform. "The Hash" hosts discusses the latest developments surrounding the Terra ecosystem.
What's backing MakerDAO's decentralized stablecoin DAI? Mostly other coins—and about five years of uninterrupted existence.
The hunt for Do Kwon intensifies, but his creation forges ahead despite the grim circumstance surrounding its ecosystem.
Singapore considered as the tax haven for cryptocurrencies has taken a huge hit as many big digital asset related firms collapsed this year. However, Singapore earlier decided to harden its stance on the trade of cryptocurrencies.
Bitcoin's recent move to $19,000 is received positively, with some of the crypto majors like Ethereum (ETH), Cardano (ADA), and Ripple (XRP) all trading in the green zone. But the positive momentum does not extend to pump-and-dump tokens led by Terra Luna Classic (LUNC) and OAX (OAX), which fell during the day.
Traders are optimistic as they await official numbers from the major exchange.
Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject. Introduced in 2019, LUNA was established along with the Terra USD (UST) stablecoin by Terraform Labs.
The co-founder of Ethereum (ETH) says the implosion of stablecoin issuer Terra (LUNA) earlier this year dealt a big blow to the decentralization of crypto.
The algorithmic stablecoin ban has sparked a range of arguments in the crypto industry as it is being seen as a watershed moment.
LUNA's price stalled after speculative rally in September
