The Korean government has frozen 120 billion won, equivalent to US$92 million, of Terra-affiliated company Kernel Labs.
- This is one of the actions of the Korean authorities to investigate the collapse of Terra Luna, this action is to freeze the assets of both individuals and organizations related to this company and avoid an amount of unethical earnings massive inroads into the country’s finances.
- For LUNA investors this is a remarkable action, we have interviewed a few LUNA and LUNC token holders and they said that this action of the government greatly affects their investment strategy, 70% of investors convert LUNA and LUNC from long-term investment into venture capital, they intend to bottom fishing LUNA as an opportunity to make money at this time.
- At the time of this writing, the price of new LUNA from $1.31 has dropped to $1.22 or 6.8%, LUNC from $0.00001413 to $0.001298, LUNC has lost 8.1% of its value in just 1 day.
- LUNA seems to have completely lost its footing with the Korean market in particular and Asia in general after these two shocking incidents. Binance’s CEO Changpeng Zhao spoke after the “disaster” of UST and LUNA which has now lost its reputation in the eyes of investors, investing in LUNA will carry quite high risks and will not bring long-term benefits.
See Related: Do Kwon Cashes Out Almost 10 BTC After Fleeing To Serbia
