Unfortunate events in the crypto world continued to be the collapse of Terra, an algorithmic stablecoin, and LUNA, its native token. Many institutional and individual investors suffered losses of several billions of dollars as a result. The entire cryptocurrency industry was also hit by this crisis. Many changes took place after the collapse of stablecoin.
Do Kwon was the founder and lead investigator of Terraform Labs. The Terra Chief was first alleged by the South Korean Prosecutors.
Interpol also issued a Red Notice to him. The Interpol request is for law enforcement’s immediate arrest of Do Kwon globally.
There was a massive loss of over $60 billion of investors’ funds through the fall of Terra and its ecosystem in the first half of the year. Interpol was requested by the South Korean Prosecutors to help them arrest Kwon.
Prosecutors accused Terra Chief of concealing to avoid being investigated. A source said that Kwon was last seen in Singapore. However, the police later noted that Kwon had left Singapore.
Terra claims the Kwon case is being hyped up
Interpol’s alert caused a slight drop in Terra Classic (LUNC), as well as Terra LUNA, after the alert. Kwon may have gone into hiding after the fall of Terra and its ecosystem.
Terraform Labs is finally responding to Do Kwon’s lawsuit. Bloomberg was informed by the firm that they believe the case has been politicized. The spokesperson mentioned that the South Korean Prosecutors’ steps depicted unfairness in all aspects.
The spokesperson stated that the prosecutor failed to respect the Korean Law’s basic rights. Also, he noted that the prosecutors’ allegations against Kwon of breach of capital market laws indicated reasonable bias.
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