Do Kwon Charged With Fraud!

Terraform’s CEO, Do Kwon, has long been wanted around the world. If you recall, the LUNA scandal was one of the most talked about issues last year. LUNA, whose value dropped from $80 to $0 overnight, indirectly caused millions in damages to hundreds of thousands of people. 

What happened to LUNA founded by Do Kwon?

The value of LUNA Coin was reset by Terraform in one day. Trust in stablecoins was destroyed. In the next few days, everything collapsed. Even today people are arguing about Stablecoins and what to do. Today, the US-based cryptocurrency startup was accused of fraud.

The SEC accuses Terraform and its CEO Do Kwon of defrauding investors with the help of Terraform, the creator of the cryptocurrency LUNA and its related UST, whose value dropped from $80 to $0 in a matter of days last May.

Do Kwon Charged With Fraud!

The U.S. Securities and Exchange Commission (SEC) has filed fraud charges against Terraform Laboratories and its CEO Do Kwon for allegedly organizing a billion-dollar “cryptocurrency scheme.”

Has There Been A Similar Incident?

From April 2018 until the collapse of TerraUSD, also known as UST, and its “sister cryptocurrency” LUNA in May 2022, Kwon and Terraform allegedly sought to obtain billions of dollars from investors by producing and selling a “similar crypto package.”

The SEC says Terra’s share price fell below $1 in May 2021, and that Kwon then planned to buy a significant amount of UST with an unknown third party to bring the share price back to an “algorithmic” level.

Kwon’s current whereabouts are unknown, but the Terra co-founder is believed to have recently been in Serbia, according to South Korean intelligence.

You might check: Voyager Digital Sells Its Crypto Assets: SHIB and ETH Sales Are the Majority

Robert Taylor

Experienced Journalist with knowledge in shareholder activism, corporate governance, and asset finance reporting across various environments including online, print, and social media. Keen to learn about new sectors through the lens of journalism. I have worked as a financial journalist for over thirteen years, I worked my way up from news reporter to become deputy news editor in 2007. As a journalist, my primary focus is to ensure that my readers are well-informed on the most significant changes happening in the world of cryptocurrency, from blockchain technology to the latest market trends. In addition to staying up-to-date with breaking news stories, I am also interested in exploring the long-term potential of cryptocurrencies as a whole. I believe that blockchain technology will fundamentally change the way we conduct business, and I am excited to be a part of this transformation. My background in business and finance gives me a unique perspective on the world of cryptocurrency. I have worked with some of the biggest financial institutions in the world and have seen firsthand how the industry is evolving. I understand the challenges and opportunities that crypto presents and am eager to share my knowledge with my readers.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button