Why has LUNA fallen so hard again?

LUNA

The LUNA currency declined sharply during trading today, Wednesday, and lost more than 20% of its value, giving up most of its profits recorded in the past two weeks, due to reports that the South Korean authorities issued an arrest warrant against the founder of the project.

During today’s trading, the LUNA currency decreased by almost 30% and recorded about $3.11, with a daily trading volume of $1,641,059,756, with a capital value of about $397,481,002. Likewise, Luna Classic decreased by about 20% and recorded about $0.0002934, with a daily trading volume of about $1,284,728,071, bringing the value of Luna Classic capital to $1,803,615,670.

The drop follows reports that a Seoul court has issued an arrest warrant against Terraform Labs founder Do Kwon, as well as five other individuals for violating capital market rules, and comes just 24 hours after South Korean prosecutors launched another investigation against Terraform Labs to determine if its digital tokens are securities.

At the end of last week, the digital currency LUNA surprised the cryptocurrency markets and rose strongly to exceed the rate of increase during today’s trading by 200%, which indicates the strong increase in demand for the currency of Luna.

And LUNA rose by 212.16% and scored about $6.02, with a daily trading volume of the Luna sign by $3,170,991,094, bringing the capital value of Luna to $772,033,984, and Luna occupies the 58th place in the ranking of the most famous cryptocurrencies in terms of market capitalization.

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