South Korean Authorities Issue Notice Upon Do Kwon Arrival

South Korean authorities issue notice upon Do Kwon’s arrival and once he returns to the country, he will be obliged to inform the authorities and will face all accusations against him so let’s read more today in our latest cryptocurrency news.

The South Korean authorities issue notice as the Ministery of Justice approved the prosecutors’ request that the co-founder of Terraform Labs, Do Kwon be ordered to notify the authoriteis when he returns to the country and he is believed to be residing in Singapore. The crash of the terra native token LUNA and its UST algorithmic stablecoin was one of the most discussed topics in the crypto community and the latter lost the peg and dropped below the target of $1 as a result, the investors started selling their UST reserves.

The South Korean authoriteis issued a notice about Do Kwon’s arrival after the Terra collapse so since the native token was connected to the stablecoin, the team started mining more LUNA to stabilize the crash so in the process, the LUNA supply increased and the prices crashed. To consider the importance of the problem, it is worth noting that the asset was among the top 10 biggest coins by market cap before the crash while it was worth almost zero a few days later. Investors suffered considerable losses while some started looking for the culprit of the event and blamed the CEO for it.

According to the coverages, the 31-year-old South Korean is residing in Singapore but he will be required by the Ministry of Justice to notify the relevant authorities when he gets back to his homeland. He will face all the charges against him like accusations of committing fraud and engaging in illegal fundraising but the prosecutors were also looking at whether Kwon evaded the taxes by transferring crypto assets to an offshore account. It is worth mentioning that the South Korean authorities banned most of the Terra top executives from leaving the country like Daniel Shin who is a co-founder of the project.

The popular hacking collective Anonymous claimed that Do Kwon was the one to be blamed for the Terra crash and the numerous investment losses. The group vowed to expose the executives darkest secrets and hold him responsible for the outcome:

“Anonymous is looking into Do Kwon’s entire history since he entered the crypto space to see what we can learn and bring to light. There is no doubt that there are many more crimes to be discovered in your trail of destruction.”

The other scams which Anonymous mentioned might have to refer to Kwon’s relation to another failing proejct from the past called Basis Cash and the South Korea was one of the co-founders of the project which similarly crashed to zero.