Another event in the cryptocurrency sector is undermining the credibility of these assets, the founder of the Luna cryptocurrency is missing after being accused of fraud.
The cryptocurrency market continues to be talked about, although not for the better. In the last hours the search for the creator of the moon cryptocurrency. Do Kwon is the name of this person and, at the moment, his whereabouts are completely unknown. The reasons are several and we are going to see what is happening.
The first thing to keep in mind is that both bitcoin What ethereum they are in a decline that has created a general alarm within this market. Both are important currencies which makes assets such as moon coin or terra coin are in an even worse situation than expected seeing the situation.
This moon cryptocurrency has lost 90% of its value in recent months which has meant that it has dragged down the UST stablecoin that is part of the blockchain terra. The situation is so delicate that an arrest warrant has been issued for its founder with the accusation of having defrauded thousands of users.
How has Do Kwon reacted to the order by the South Korean government? The calm way in which he has issued a statement suggests that he has no problem with the authorities, although the funny thing about the situation is that nobody knows the whereabouts of the founder of the moon cryptocurrency.
Do Kwon is not the only one who is under a search and arrest warrant by the South Korean government, five collaborators of the project to create the luna and terra cryptocurrency are also under this order. Also, The South Korean government has contacted Interpol to release the search for these people.
The last tweet written by Do Kwon make it clear that he is not willing to turn himself in to the authorities and, in addition, makes a certain mockery of the efforts of the Asian country’s government to find him.
What will happen to the moon and terra cryptocurrency? Little can be known today, but it seems that it is doomed to fail in the coming months.
Do Kwon is still unaccounted for, investors in the luna cryptocurrency have lost part or all of their savings by betting on the project and only the South Korean government will be able to put an end to it to this situation that many have branded as a Ponzi scheme due to its operation.