Terra creator Do Kwon pursued in South Korea by TechCrunch


Do KwonThe creator of the TerraUSD (UST) stablecoin, his sister Luna, is being prosecuted for the collapse of two coins in South Korea, which erased billions of dollars from investors around the world earlier this month.

South Seoul District Attorney’s Office he said Friday that it is has started Investigation into Terraform Labs, an organization led by Do Kwon, a Terra stable project and assigned The case was handed over to its Joint Financial Crimes Investigation Team, a special unit on financial crimes recently brought back by newly appointed Justice Minister Dong-Hun Han, according to: local media.

The announcement came a day after five crypto investors operating in Korea with a total loss of 1.4 billion won (about $ 1.1 million) filed a criminal complaint against Kwon և Terraform co-founder Daniel Sheen. on charges of fraud and other violations of financial regulations.

The financial authorities of South Korea Estimated that total 280,000 users belong to the 70 billion Luna in Korea.

“Luna և Terra նախագծ նախագծ նախագծ:::::::::::::::::::::::::::::::::::::: he said A representative of LKB & Partners law firm hired five investors to sue Terraform Labs.

Do Kwon too is reported There is a tax penalty of 100 billion won ($ 78 million) for evading corporate income tax.

The UST, once one of the most promising stablecoin currencies, fell below $ 1 last week to $ 0.079. Instead of fiat money or real-life assets, like some other stable coins, the value of the UST is maintained by the “burning” of its sister Luna sign. The price of Luna has dropped by more than 99% since last week.

Block: It was first reported that Terraform Labs’s domestic legal team resigned following the collapse of UST և Luna.

Terraform Labs is based in Singapore but is registered as Terraform Labs Korea to operate in South Korea.





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