After the worst crypto crash, Terra Classic’s (LUNC), value had fallen to zero. The cryptocurrency had refused to ‘die’ and has instead found favor among crypto investors who are trying to make a quick buck from the highly volatile cryptocurrency. Investing in LUNC is not as profitable as users think.
Terra Camp is Uncertainty
Do Kwon was the Terra founder. He and his colleagues created another token, which was distributed to holders after the Terra network crashed. However, even the new cryptocurrency is struggling.
Do Kwon (Terra founder) and others are the main issues. After South Korean authorities issued an arrest warrant, the hunt for Kwon escalated. Even though Kwon had taken to the social media platform Twitter to ‘plead’ his case and say that he was not on the run from authorities, the South Korean authorities had countered his claim that they had been unable to reach Kwon.
The Terra founder had left Singapore earlier this year, and Singaporean police confirmed his departure. On Monday September 26, the International Polic (Interpol), issued a red alert for the founder.
The red notice indicates that Interpol will issue a warrant to local police for Kwon’s arrest wherever he is. Kwon stated that he had cooperated with authorities in all aspects. However, South Korean authorities claimed that Kwon wasn’t cooperating in any way. This led to multiple arrest warrants.
Terra Classic (LUNC), Is A Bad Idea
The cryptocurrency is very unstable due to the ongoing problems that plague Terra Network and its founders. The fact that there are currently two tokens makes matters worse. LUNA is more stable than the other.
Right now, LUNC is a gambler’s token and has drawn those who are basically playing the market like a casino. The token is not a good play for anyone looking to keep it.
While the recovery tendencies can be huge, so too are the falls. While the overall market has seen minor gains in the past seven days, LUNC’s price is still down 25%. LUNC’s losses have exceeded 10% over the past 24 hour.
LUNC’s price has been reacting negatively to the news of the arrest warrants for Do Kwon. Interpol is involved so it’s now a question of whether or not Kwon will be apprehended. Terra Classic’s price will probably drop when this occurs, as it did before the network crashed.
Featured Image from Finbold. Charts by TradingView.com
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