- Montenegrin authorities detained Do Kwon, founder of Terraform Labs, for falsifying documents.
- Terra blockchain’s native luna tokens have fallen 8%, while LUNA Classic tokens have dropped about 4%.
- The long-term impact of Kwon’s detention on the cryptocurrency industry remains uncertain.
Montenegrin authorities detained Do Kwon, the founder of Terraform Labs, for falsifying documents. As a result of Kwon’s detention, Terra blockchain’s native luna tokens fell 8%.
According to the Montenegrin Interior Minister’s Twitter account, Montenegrin police have detained Do Kwon, the founder of Terra, for falsifying documents. South Korea, the US, and Singapore have also requested his detention. Kwon, one of the most wanted fugitives, is behind more than $40 billion in losses.
As a result of Kwon’s detention, Terra blockchain’s native luna tokens fell 8%, while LUNA Classic tokens dropped around 4%. The news has significant implications for the cryptocurrency market, particularly as Terraform Labs is behind several well-known blockchain projects.
Both South Korea and the US have lodged detention requests. Kwon, the CEO of Singapore-based Terraform Labs, has been described as one of the world’s most wanted fugitives. With losses of over $40 billion, Kwon was detained at the Podgorica airport. About 2 hours after the news, Korean Official confirmed Do Kwon Was Individual Arrested in Montenegro.
It remains to be seen what the long-term impact of Kwon’s detention will be on the cryptocurrency industry. Many investors will be watching the situation closely, particularly as the market continues to experience volatility due to ongoing regulatory uncertainty.
Regardless of the outcome, this news serves as a reminder of the importance of transparency and accountability in the cryptocurrency industry. As the market continues to evolve, all stakeholders must work together to promote best practices and ensure this exciting new sector’s safe and responsible growth.
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