Terra's LUNA Tokens Fall Steeply on Do Kwon's Alleged Arrest

Kwon was reportedly arrested in Montenegro earlier on Thursday.

AccessTimeIconMar 23, 2023 at 1:37 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Terra blockchain's native luna tokens fell 8% amid reports of founder Do Kwon allegedly getting arrested in Montenegro, according to a tweet by Filip Adzic, the country's minister of interior.

Adzic's tweet said the person was suspected to be Do Kwon and the government is trying to confirm the identity.

Traders reacted immediately to the reports. LUNA fell 10 cents from $1.40 at writing time on Thursday. Luna Classic tokens dropped just 3.7%, according to data from CoinGecko.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.