LUNC, LUNA Prices Drop Following Freeze of Over $40 Million Worth of Terra's Do Kwon's Assets

LUNC and LUNA prices are presently in red

Wu blockchain reports that South Korean prosecutors have frozen two exchanges of $39.66 million of crypto assets, including BTC, belonging to the embattled Terra founder, while citing Korean news website News 1 as the source. This comes after allegations of a prior move to transfer 3,313 BTC shortly after Do Kwon was issued an arrest warrant.

According to News1, South Korean prosecutors have frozen $39.66m of crypto assets, including BTC, owned by Do Kwon through two exchanges. Do Kwon and LFG previously denied trying to transfer their 3,313 BTC after being issued an arrest warrant.https://t.co/kNxFRyeasD

— Wu Blockchain (@WuBlockchain) October 5, 2022

As reported by U.Today, South Korean prosecutors alleged that 3,313 Bitcoins were moved from KuCoin and OKX exchanges by a TFL wallet. Kwon allegedly created a new wallet for the Luna Foundation Guard, the nonprofit behind Terra, shortly after being slapped with an arrest warrant.

However, Luna Foundation Guard denied the allegation, stating it has not created any new wallets or moved BTC or other tokens held by LFG since May 2022.

Owing to a lack of positive catalysts, LUNC and LUNA prices are presently in the red. The new Terra blockchain, with its LUNA token, continues to struggle to attract investors to its ecosystem as Do Kwon's legal woes continue to impact it.

RelatedTerra LUNA Pushed Out of Top 100 as Price Fails To Rise: Details

At the time of publication, LUNA was also trading at $2.40, down 2.42% in the last 24 hours.

Contrary to expectations, the impact of Binance's planned "burn" of LUNC — the native token of the old Terra chain — turned out to be underwhelming.

Binance "burned" nearly $2 million worth of LUNC, which only represents 0.08% of the total supply of the token, too minute to have any measurable impact on LUNC's massive 6.9 trillion supply.

The price of LUNC dropped 3.90% in the last 24 hours, to $0.0003037, according to cryptocurrency price tracker CoinMarketCap. LUNC continues its prior declines from Oct. 3, setting up to mark the third consecutive day of losses.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。