South Korean prosecutors on Monday said Interpol has officially issued a Red Notice against Terra’s founder Do Kwon after he fled Singapore. As a result, Terra Classic (LUNC) and Terra (LUNA) plummet nearly 20% and 15% in the last 24 hours, respectively.
South Korea’s Seoul Southern District Prosecutors’ Office on September 26 revealed that Interpol has accepted the application for issuing a Red Notice against Terra founder Do Kwon. Moreover, Interpol has notified the police in 195 countries around the world to extradite Do Kwon to South Korean authorities.
South Korea’s prosecutors earlier issued arrest warrants against Do Kwon and five others. Moreover, prosecutors get Do Kwon’s passport invalidated and put other Terra executives on travel ban to investigate and conduct legal proceedings against them in a South Korean court.
Terra founder Do Kwon and affiliates are charged with violation of the Capital Market Act. South Korean prosecutors started a new investigation to find whether Terra Classic (LUNC) and other Terra tokens are securities. The investigation team has also conducted investigations on fraud, money laundering, and tax evasion allegations.
Last week, prosecutors refuted Do Kwon comments that he is not on the run and cooperating with South Korean authorities. However, prosecutors assert he is on the run since the Terra-LUNA crisis in May. Prosecutors requested Interpol to issue a red notice against Do Kwon after Singapore police confirmed that he is no longer in the city-state.
Terra Classic (LUNC) and Terra (LUNA) continue to dive after South Korea escalates the probe against Do Kwon. In fact, Terra’s (LUNA) price has plunged to a low of $2.02 from a high of $7.06 within 2 weeks. In the last 24 hours, the LUNA price has plunged over 15%.
Meanwhile, Terra Classic (LUNC) price has now plummeted below $0.0002. In the last 24 hours, the LUNC price has declined by nearly 20%, with the price currently trading at $0.00018. Terra Classic successfully breaks above the target price of $0.0005 earlier this month. However, Interpol’s action against Do Kwon will continue to impact the price.