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

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.


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 a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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.