Last Friday’s crypto market dip on Silvergate Bank concerns weighed heavily on #Luna Classic (LUNC), the cryptocurrency that powers the original but not largely defunct Terra blockchain ecosystem. 

After dipping more than 10% on Friday from near $0.00017 to around $0.00015, the cryptocurrency has since eased a little lower to stabilize in the mid-$0.00014s. 

What had been a key support area around $0.0001550 should now be viewed as an area of near-term resistance. Meanwhile, traders are also monitoring support just under $0.00014 in the form of a late 2022 low. 

As the broader #cryptocurrency market stabilizes ahead of a busy week of macro events, including a barrage of key US jobs data and a testimony from Fed Chair Jerome Powell before the US Congress, LUNC bulls will be hoping the cryptocurrency can continue to find support above this level, as was the case last Friday.

If this support area were to fail, a retest of the late 2022 lows in the $0.000127 area would become a distinct possibility. That would take LUNC’s drop since the 2023 highs around $0.00021 to a massive 40%.

Singapore Opens Investigation into Terraform Labs

Reports in the crypto media on Monday suggest that authorities in Singapore have opened an investigation into #Terraform Labs, the company behind the development of the #Terra blockchain. 

Singapore is where Terraform Labs was previously incorporated and where, for a long time, the blockchain’s creator, Do Kwon, had been residing.

Do Kwon, who is South Korean, is wanted by South Korean police and is currently thought to be in hiding in Serbia. Do Kwon is wanted over his role in the spectacular collapse of the Terra blockchain ecosystem last May – where algorithmic stablecoin UST lost its peg to the US dollar, triggering a hyperinflationary spiral in LUNC and causing a $40 billion wipeout in the Decentralized Finance (DeFi) ecosystem, the reverberations of which are still being felt today.

The US Securities and Exchange Commission has accused Do Kwon and Terraform Labs of fraud and alleges that Kwon has laundered over $100 million in Bitcoin that he stole from the Luna Foundation Guard.

In a major development in the Terra Luna coin crisis, a person presumed to be the CEO of Terraform Labs, Kwon Do-hyung (32), has been arrested in Montenegro.

According to Yonhap News Agency (YNA), the South Korean police have confirmed the age, nationality, photo, and name through the person’s ID cards, and have requested Montenegro to provide fingerprint information to confirm whether he is actually Do Kwon.

The National Police Agency has announced that the person presumed to be CEO Kwon and an aide named Han were arrested by the Montenegrin authorities and are currently being identified. The police are waiting for a reply from Montenegro to confirm whether this person is actually CEO Kwon.

An official from the National Police Agency stated that they had checked the person’s age, nationality, and name with the identification card he had, and confirmed that he was the same person as CEO Kwon with photo data. The police are now waiting for the fingerprint information to further confirm his identity.

The Terra Luna coin crisis, which erupted last year, involved a massive price drop in the cryptocurrency, causing huge losses for investors. Terraform Labs, which is behind the Terra project, has been accused of manipulating the coin’s price to benefit insiders. The arrest of the person presumed to be Do Kwon is seen as a major development in the ongoing investigation into the crisis.

The South Korean police have been investigating the case for several months and have already arrested several executives of Terraform Labs, including the head of the company’s Seoul office. The arrest of the person presumed to be Do Kwon is expected to provide further clues into the Terra Luna coin crisis and shed more light on the alleged price manipulation by the company.

The arrest of the person presumed to be Do Kwon in Montenegro is a significant development in the ongoing investigation into the Terra Luna coin crisis. The South Korean police are expected to continue their investigation and bring those responsible for the alleged price manipulation to justice.

#Dokwon #LUNA #Terra #Terraform #azcoinnews

This article was republished from azcoinnews.com

Swiss authorities have reportedly frozen $26 million worth of assets from #Terraform Labs and its founder, former crypto billionaire Do Kwon.

The assets frozen included #Bitcoin (BTC), and was frozen from Swiss digital asset bank Sygnum, reports Korean outlet Digital Asset.

Sygnum froze the assets after Swiss authorities received requests from the New York Attorney’s Office, and the U.S. Securities and Exchange Commission (SEC).

The frozen assets reportedly belong to Kwon, his associate Hang Chang-joon and former head of research at Terraform Labs Nicholas Platias.

Earlier this month, South Korean prosecutors alleged that Kwon had moved $29 million worth of crypto assets out of Terraform Labs’ possession after his arrest in Montenegro.

#Kwon has already spent more than three months of a four-month prison sentence in Montenegro for using a forged Costa Rican passport, though the relatively short sentence likely won’t be the end of the Terra founder’s problems.

Authorities in the United States and South Korea both want to extradite the disgraced crypto executive, who’s facing multiple charges arising from the $40 billion crash of the #Terra ecosystem and its stablecoin #TerraUSD (UST).

Dan Sunghan, the director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, recently told Bloomberg that Kwon could serve more than four decades behind bars, after being responsible for what is believed to be the largest financial fraud case in South Korean history.