As a direct result of the catastrophic failure of Terra USD (UST) and Terra LUNA (LUNA), which caused UST to completely de-peg from the US Dollar and caused the price of LUNA to drop to zero on certain exchanges, the value of LUNA has increased by a factor of five hundred in the space of twenty-four hours.
Police Complaint Registered Against Do Kwon
According to reports from Korean media, the wife of Terra founder Do Kwon called the authorities to request immediate personal security when an unknown individual entered their apartment. Do Kwon is being demanded to be arrested by irate shareholders and investors. Do Kwon has already traveled between Korea and Singapore on many occasions.
A member on Reddit said that they had filed a complaint with the police against Do Kwon on behalf of investors in UST and Luna. According to him, at least one thousand people from Singapore have put money into Luna and UST.
On the daily chart for LUNA/BUSD, we can see that the price of LUNA has advanced by a significant amount.
The price decrease for LUNA over the past twenty-four hours naturally overshadows the price rise that occurred during that time.
In comparison to the value of the dollar, the price of LUNA has increased by around 600 percent.
The price spike started the day before yesterday, when Binance made the announcement that it will restart trading in the LUNA/BUSD pair.
As a direct consequence of this development, the cost of one LUNA token has increased from $0.00005482 to $0.0002759 over the course of the last several hours.
As a result of the collapse, members of the cryptocurrency community are perplexed as to why the price of LUNA has increased by such a significant amount over the course of the last few hours, and they are also apprehensive that the price spike may not continue for very much longer.
