News

Do Kwon Comments To Propel Terra Classic (LUNC) Price Recovery?

Following the arrest warrant against Terraform Labs founder Do Kwon, the price of Terra Classic (LUNC) dropped sharply.
Published by
Do Kwon Comments To Propel Terra Classic (LUNC) Price Recovery?

In the last few days, Terra Classic (LUNC) appears to have been on a steady price recovery path. Following the arrest warrant against Terraform Labs founder Do Kwon, the price of Terra Classic (LUNC) dropped sharply. Currently, the cryptocurrency is halfway through the recovery. As of writing, LUNC price stands at $0.0003109, up 1.56% in the last 24 hours, according to price tracking platform CoinMarketCap.

Advertisement

Arrest Warrant Issued

On September 14, the South Korean government has issued an arrest warrant against Kwon, including five others. The founder was booked for violations in the market rules. As per the arrest warrant, all six individuals named are located in Singapore. This led to a sudden drop in the LUNC price, with the token losing around 15% in a short time. From trading at $0.00034 range prior to the news of the arrest warrant, LUNC dropped to nearly $0.00027. In the meanwhile, the token has recovered to an extent of the previous level. Following the price drop, the LUNC community said Do Kwon was in no way associated with the Terra Classic project.

Advertisement

Do Kwon Comments On Concerns

Meanwhile, Kwon responded to claims that he was hiding from the authorities. He clarified that he was not on the run, as being claimed. Kwon said his team was fully cooperating with the government agencies and has nothing to hide. He added that his company is in the process of defending itself in multiple jurisdictions.

“I am not ‘on the run’ or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.”

It remains to be seen if Do Kwon comments would propel LUNC back to the last week levels. Recently, top cryptocurrency exchange Binance announced an encouraging news for the LUNC community. The exchange now allows users to trade LUNC and USTC against BTC, BUSD, USDT, and other tokens through at zero fees. In a win-win scenario, Binance aims to increase its trading volume while also supporting LUNC traders. This is in addition to the zero free trading it is already extending to Bitcoin (BTC) and Ethereum (ETH) transactions.

Advertisement

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple

Senate Democrats and Republican lawmakers have ended separate roundtable meetings focused on the Crypto Market…

October 23, 2025
  • News

How the Crypto Market Could React to the Next Fed Meeting on October 29?

The crypto market has, for a while now, been pricing a potential 25 basis points…

October 23, 2025
  • News

$1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP

Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…

October 22, 2025
  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025