The creator of Terra Classic, Do Kwon, is wanted in South Korea and is the subject of an international arrest order. Do Kwon has no plans to voluntarily turn himself in to the police there.
That hasn’t changed despite South Korea’s request to turn up its passport. It is currently accepted practice for the passport to be revoked once 14 days have passed. Therefore, Do Kwon shouldn’t be allowed to depart his nation through authorized means.
Kwon promised cryptocurrency writer Laura Shin on Twitter (NYSE:TWTR) that he would be pleased to discuss his reasons for leaving South Korea with her in a podcast.
The CNBC reporter asserts that this is the case because, as he claims to have heard from Terra’s creator, the accusation is based on breaches of capital markets legislation. Regarding it, Kwon says:
“That’s not really what I said – I rather indicated that I wouldn’t bother going all the way if the charges were fabricated, for example that the transfer of cryptocurrencies violated capital controls – these phrases sound alike. Plus, we were in a pretty noisy bar and had already had ten cocktails, which can easily lead to misunderstandings.”
Technical levels on Terra Classic LUNC/USD to watch are now up 0.21% at $0.0002965, and the weekly gain is 2.81%.
The $0.0002828 low is the result of the downward correction from the high on October 2 in the vicinity of $0.0003657. Trade is therefore already occurring below the psychologically significant $0.0003000 level, and support at the 61.8% Fibo retracement of $0.0002775 is just a few cents away.
That's not exactly what I said – I said if they make up something random e.g. transferring crypto at all violates capital controls I wouldn't bother traveling all that way – those phrases sound similar
We were also at a pretty loud bar and 10 cocktails in, so didn't help
— Do Kwon 🌕 (@stablekwon) October 5, 2022
If the bulls are successful in holding this level, a rally towards the 50% Fibo retracement of $0.0003375 is possible at any time. Beyond there, there would be further possibility for gains to be extended into the 38.2% Fibo retracement of $0.0003975.
Expect losses in the direction of the psychological level of $0.0002000 and the 78.6% Fibo retracement of $0.0001921, if the bulls give in to the bearish pressure.