Do Kwon has been added to Interpol’s red notice list, Binance has implemented a burn rate for LUNC

Do Kwon has been added to Interpol’s red notice list, Korean prosecutors have said. Prosecutors want to speak to Kwon and five other associates for alleged violation of capital markets law, but the full details of their case remain unclear.

Do Kwon Is Wanted in 195 Countries. What Happens Next?

Kwon’s addition to Interpol’s wanted list raises questions about the possible consequences for him and the broader crypto space. The cat-and-mouse chase between South Korean authorities and Do Kwon just stepped up a gear.

Prosecutors in Seoul confirmed Monday that the Terraform Labs co-founder had been added to Interpol’s red notice list, effectively making him a wanted fugitive in 195 countries. Bloomberg first reported on the update, and the prosecutors have since confirmed the news with multiple publications. Crypto Briefing reached out to the prosecutors, Kwon, and Terraform Labs representatives for comment but had not received a response at press time.

The Seoul Southern District Prosecutors’ Office said on September 19 that it had added Kwon to the international police organization’s wanted list, escalating the manhunt for the central figure behind the failed Terra blockchain.

Authorities worldwide have been investigating Kwon, and Terraform Labs since Terra’s UST stablecoin lost its parity to the dollar in May in a $40 billion wipeout event that rocked an already-shaky cryptocurrency market. Kwon and Terraform Labs left South Korea for Singapore ahead of Terra’s blow-up, but Singapore police said on September 17 that he’d fled the country. Kwon took to Twitter that day to tell his followers that he was “not ‘on the run,’” a claim that South Korean officials later refuted.

“We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity and look forward to clarifying the truth over the next few months,” Kwon wrote.

Kwon’s possible arrest has not gone unnoticed in the market. LUNC (the ticker for the original LUNA) and the new LUNA token powering Kwon’s second attempt at a Terra blockchain plummeted after previous prosecutors’ updates. Still, interestingly, they’re both trading in the green today. LUNC has jumped 26.4% amid interest in the project’s new 1.2% tax burn, while LUNA is up 7.8%, per CoinGecko data. Still, price updates are unlikely to settle Kwon’s mind today; while he made no secret of his pride in LUNA’s surge earlier this year, with a global police chase to contend with, it’s probably fair to assume that his mind is on bigger things than green candles at the moment.

Binance announced that it had implemented a burning mechanism in order to burn all trading fees on LUNC spot and margin trading. Previously, such a burn mechanism was only implemented in deposits and withdrawals.

Now, all the trading fees will be sent to this address, which is considered the LUNC burn address. Fees will be collected in either USDT, BUSD or BNB. Then, they will be converted to LUNC in order to be deposited to the address.

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