Terra Luna Classic (LUNC) Tops Shiba Inu (SHIB), South Korea Issues Arrest Warrant for Do Kwon

The relaunched version of Do Kwon’s Terra, the Terra Luna Classic (LUNC), has made waves on Twitter lately. Tags like #LUNCArmy and $LUNC have been constantly trending on the social platform for the past week. KuCoin, a well-known crypto exchange that is headquartered in Victoria, Seychelles, has announced the top 10 most popular cryptocurrencies by weekly searches. For the first time in a while, Shiba Inu (SHIB) had to grudgingly step aside from the dominant position.

Crypto Influencers Are Asking Questions

First of all, the popularity of Ethereum (ETH) & Ethereum Classic (ETC) searches makes perfect sense. ‘The Mergehas kicked in and even tech giant Google is featuring a countdown. However, social influencers are puzzled about the sudden fame of Luna Terra Classic (LUNC).

The weird tendencies were spotted exactly a week ago, when crypto influencer David Gokhshtein called Terra Luna Classic (LUNC) a game of musical chairs. The crypto version of the children’s game also resembles a “lottery ticket,” according to Mr. Gokhshtein. Indeed, the situation might feel unfair for crypto projects that have put in the effort to upgrade their systems, argues Gokhshtein.

Intriguingly, Terra Luna Classic (LUNC) was at the center of attention after catapulting 217% in the last 30 days, but the controversial cryptocurrency is down by 22% in the last 24 hours at the time of publication. At press time, Terra Luna Classic (LUNC) trades at $0.00030502, according to CoinGecko.

South Korean Authorities Hunt for Do Kwon

Currently residing in Singapore, Do Kwon was asked the question if he’d consider coming back to his home soil of South Korea. Despite giving a vague answer, Mr. Kwon also mentioned that the South Korean authorities haven’t reached out to him, contrary to popular belief. However, the tables have turned today as the South Korean authorities officially issued a warrant for TerraForm Labs CEO Do Kwon’s arrest.

According to Choi Sung-kook, the prosecutor at the Seoul Southern District Prosecutor Office: “Violation of the capital markets law is among the charges included for the arrest warrants.” The officer refrained from disclosing other charges that Do Kwon is wanted for. Despite this, the officer said that the South Korean Police is going to request an Interpol Red Notice. Ultimately, this means that law enforcement is supposed to arrest the person wherever they are.

On the Flipside

  • The de-pegging of Terra (UST) and Terra (LUNA) caused massive outrage in the crypto community back in May.
  • As the relaunched version of Terra’s blockchain is pumping again, it’s important for investors not to fall for the same trick twice.

Why You Should Care

The scandalous crash of Terra (LUNA) happened just 4 months ago. However, both newly forked coins $LUNC and $LUNA are in the TOP 100 by crypto market capitalization.

Read more stories about Do Kwon and the outrageous Terra (LUNA) fiasco:

Why Is Luna’s Do Kwon Not in Prison Yet?

Read about the recent developments of Shiba Inu (SHIB) in:

More Ways to Burn Shiba Inu (SHIB) Revealed as SHIB Burn Rate Shoots Up 888%

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a reporter, focusing on the latest tendencies of the crypto galaxy. He spends his time digging deeper into specific areas like meme coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.