Luna Terra Classic (LUNC) Tax Burn Creator Takes Distance From Do Kwon


✍️ 27 December, 2023 - 16:09 👤 Editor: Jakub Motyka

  • South Korea has issued an arrest warrant for Do Kwon and those involved with Terra.
  • The creator of the Terra Classic Tax Burn took advantage the opportunity to dissociate itself from Do Kwon.
  • What will happen to Terra Classic?

The founder of Terra, Do Kwon, is persecuted by the authorities, consequently, the creator of the tax burn of Terra Classic (LUNC) has declared no relationship with him. Since the fall of UST, the world authorities have investigated the event in depth, looking for the reason behind it. Consequently, they have put the eyes of multiple authorities on Do Kwon and other parties, as possible causes of the fall of their platform.

The fall of Terraform Labs changed the market at the beginning of the year, causing millions of investors to suffer massive losses. After this event, the market experienced a domino effect, causing several platforms to follow the same path. Due to the serious consequences in South Korea, its regulatory authorities paid special attention to the investigation. Recently, they issued an arrest warrant for Kwon and five others involved.

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What Is The Position Of Terra Classic (LUNC) Over Terra (LUNA) And Do Kwon?, the staking platform powered by Luna Classic (LUNC), has expressed its opinion on the case through a tweet. Edward Kim, the author of the latest 1.2% tax burn proposal, claims that Terra Classic doesn't depend on TerraForm Labs and can work without it. In a nutshell, they have officially parted ways with Terraform Labs, declaring themselves an independent group.

Kim makes a special point that Terra Classic (LUNC) has no relation to the TerraForm Labs board and they are working to wean themselves off their validators. He noted that the project continued to function thanks to the community, without the help of Do Kwon or anyone from the current Terra (LUNA) team.

How Has The Arrest Warrant Affected LUNA And LUNC?

Following yesterday's announcement,ecosystem tokens have experienced sharp declines in the digital market. LUNA fell 36%, while Terra Classic, a token that was on a surprise rise, fell 25%. Despite its effect on both tokens, this measure is not a surprise to the community, which was awaiting the results of the investigations. Likewise, this has been a major blow, which has only generated fear within the investors of the ecosystem.

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