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Terra tokens slumped on Wednesday following the announcement of an arrest warrant against founder Do Kwon by a South Korean court. Today alone, LUNA and LUNC have fallen by 35% and 19%, respectively.
Kwon has become a controversial figure in the crypto space after two of his coins, which occupied the top ten rankings by market valuation, suffered a monumental crash in May. The meltdown, which saw $60 billion evaporate from the market, attracted significant scrutiny from regulators, lawmakers, and other concerned market participants.
Following the meltdown that cost many their life savings and more, Kwon appeared to downplay the veracity of the event and laughed off the idea of facing jail time. He also said he was remaining in the cryptocurrency industry despite taking a notable hit to his reputation.
New Terra Token Bites the Dust, but Hopefully Not for Long
In May, a Kwon-led team launched Terra 2.0, a new project like the last one only without a Stablecoin. Earlier this month, the new LUNA token surged by over 270% within a few hours in a frenzied reaction to more airdrops.
The frenzy was also triggered by another announcement to implement a much-needed burn mechanism for the old Terra token. This was expected to cut the overblown supply over a long period.
With Keon now facing arrest and a possible trial, the dreams of those who purchased the new LUNA might have been dashed. However, considering how resilient the crypto market can be, a rebound in the tokens to local highs cannot be written off.
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