Terra’s cryptocurrency Luna plummets 35% after reports say Do Kwon faces arrest warrant in South Korea

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Terra’s cryptocurrency Luna LUNAUSD, -15.52 dropped 35% Wednesday to around $2.89, after news reports said that Do Kwon, founder of Terraform Labs, faces an arrest warrant in South Korea. The Wall Street Journal reported that a spokesman for the Seoul Southern District Prosecutors’ Office said Wednesday it had obtained arrest warrants from Seoul’s southern district court for six individuals, including Kwon. Luna Classic, previously known as Luna, plunged 23% over the past 24 hours to around $0.0003, according to data from CoinMarketCap. Terra’s Luna and TerraUSD collapsed in May, erasing around $50 billion value from the market. Kwon didn’t immediately respond to a request seeking comment.

This article was originally published by Marketwatch.com. Read the original article here.

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