Is Terra Tokens Price Jumping Over Do Kwon Big Statement?

Do Kwon, Co founder of Terraform labs allegedly has been on the run since the historic cryptocurrency wipeout. However, in a recent Twitter interaction, he cleared the air over hiding from the authorities.

Do Kwon hiding from Interpol?

As per reports, Interpol, The International Criminal Police Organization officially issued a Red Notice against Do Kwon. This update affected the already collapsed Terra Classic (LUNC) prices and the newly launched Terra (LUNA).

However, DO Kwon replied to this allegation that he is running from the globally launched probe. Terra chief said that he is making Zero effort to hide. He added that he goes on walks and malls, but no one run into him over the past weeks.

A user even asked Do Kwon over his thoughts on the Interpol Red Notice. He replied that he tried to search for it on their website. However, he found nothing.

Earlier, Coingape reported that Do Kwon might have to return back to South Korea as their Foreign Ministry passed the request to scrap his passport. It added that if all goes well then Terra Chief might have to return back within 14 days.

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Meanwhile, the South Korean Prosecutors informed that Interpol has asked law enforcement globally to find and arrest Do Kwon.

Why is Terra token price on a surge?

However, Terra tokens have reacted positively to the Terra chief’s comments. Terra Classic prices skyrocketed by around 61% in the last 24 hours. Its 24 hour trading volume has jumped by 250% to stand at $2.29 billion.

On the other hand, the newly launched token Terra (LUNA) prices have jumped by 30% over the past day. LUNA is trading at an average price of $2.68, at the press time. Its 24 hour trading volume has surged by 204% to stand at $730 million.

Meanwhile, Do Kwon’s comment is not solely responsible for the surge in the Terra tokens. Earlier, Binance announced that it will burn all trading fees over Terra Classic spot and margin trading pairs. They will send it to the LUNC burn address.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
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