Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Wu blockchain reports that South Korean prosecutors have frozen two exchanges of $39.66 million of crypto assets, including BTC, belonging to the embattled Terra founder, Do Kwon. Wu cites Korean news website News 1 as the source. This comes after allegations of a prior move to transfer 3,313 BTC shortly after Do Kwon was issued an arrest warrant.
According to News1, South Korean prosecutors have frozen $39.66m of crypto assets, including BTC, owned by Do Kwon through two exchanges. Do Kwon and LFG previously denied trying to transfer their 3,313 BTC after being issued an arrest warrant.https://t.co/kNxFRyeasD
— Wu Blockchain (@WuBlockchain) October 5, 2022
As reported by U.Today, South Korean prosecutors alleged that 3,313 Bitcoins were moved from KuCoin and OKX exchanges by a TFL wallet. Kwon allegedly created a new wallet for the Luna Foundation Guard, the nonprofit behind Terra, shortly after being slapped with an arrest warrant.
However, Luna Foundation Guard denied the allegation, stating it has not created any new wallets or moved BTC or other tokens held by LFG since May 2022.
Owing to a lack of positive catalysts, LUNC and LUNA prices are presently in the red. The new Terra blockchain, with its LUNA token, continues to struggle to attract investors to its ecosystem as Do Kwon's legal woes continue to impact it.
Tomiwabold OlajideAt the time of publication, LUNA was also trading at $2.40, down 2.42% in the last 24 hours.
Contrary to expectations, the impact of Binance's planned "burn" of LUNC — the native token of the old Terra chain — turned out to be underwhelming.
Binance "burned" nearly $2 million worth of LUNC, which only represents 0.08% of the total supply of the token, too minute to have any measurable impact on LUNC's massive 6.9 trillion supply.
The price of LUNC dropped 3.90% in the last 24 hours, to $0.0003037, according to cryptocurrency price tracker CoinMarketCap. LUNC continues its prior declines from Oct. 3, setting up to mark the third consecutive day of losses.
Alex Dovbnya
Vladislav Sopov
Dan Burgin