Crypto News

Terra Reacts To Case Against Do Kwon, Claims Matter Is Highly Politicized

The collapse of the algorithmic stablecoin Terra and its native token LUNA remained a shocking event in the crypto space. The outcome was the loss of billions of dollars for many individual and institutional investors. It also threw the entire crypto industry into a historic crisis. Lots of changes have taken place following the fall of the stablecoin. Subsequently, some investigations and legal cases have been against the founder of Terraform Labs, Do Kwon. Firstly, the South Korean Prosecutors leveled some allegations against the Terra Chief. Related Reading: Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next? Also, the International Criminal Police Organization (Interpol) issued a Red Notice against 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. The South Korean Prosecutors requested the assistance of Interpol for the arrest of Kwon. The prosecutors accused the Terra chief of hiding to avoid their investigations. According to a source, Kwon was seen in Singapore, though the city police noted that he later left. Terra Says Case Against Kwon Is Highly Hyped Up Following the alert from Interpol, there was a slight fall in the prices of Terra Classic (LUNC) and the newly launched Terra LUNA. Some rumors have been that Kwon went into hiding since the collapse of Terra and its ecosystem. Terraform Labs has finally reacted to the case against Do Kwon. The firm stated that the case is highly politicized while speaking to Bloomberg. The spokesperson mentioned that the South Korean Prosecutors’ steps depicted unfairness in all aspects. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate According to the spokesperson, the prosecutors failed to adhere to the basic rights available under Korean Law. Also, he noted that the prosecutors’ allegations against Kwon of breach of capital market laws indicated reasonable bias. Featured Image Pixabay, Charts From Tradingview.com

Altcoins

Terraform Labs Calls South Korean Prosecutor’s Case Against Founder Do Kwon ‘Highly Politicized’: Report

Terraform Labs is reportedly accusing South Korean authorities of giving in to public pressure when they issued a warrant of arrest against its founder Do Kwon. Kwon currently faces legal actions following the crash of the cryptocurrency Terra (LUNA) and the stablecoin TerraUSD (UST). A spokesperson for the Singapore-based firm tells The Wall Street Journal […]

The post Terraform Labs Calls South Korean Prosecutor’s Case Against Founder Do Kwon ‘Highly Politicized’: Report appeared first on The Daily Hodl.

Bitcoin Crypto News

Crypto Bust: China Collars 93 For Laundering $5 Billion In Digital Currencies

China has become a hotbed of illicit crypto trade lately. The country has earned quite a reputation in the international community when it comes to scams and illegal activities involving cryptocurrencies. Recently, there have been a number of nefarious activities originating from the country or involving Chinese nationals.  For instance, in June 2021, more than 200 […]

Altcoins

Prosecutors Say Embattled Terra (LUNA) Founder Do Kwon Now on Interpol Red Notice: Report

The international policing organization Interpol is officially requesting that law enforcement worldwide help locate and arrest the embattled Terra (LUNA) founder Do Kwon, according to a new report. Bloomberg notes that South Korean prosecutors in Seoul confirmed Interpol has placed a “red notice” on Kwon. The prosecutors requested the action earlier this month after claiming […]

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