A Core Designer of Terra Has Been Issued an Exit Ban

Jun 20,2022
KingData News: The Seoul Joint Investigation Unit for Financial and Securities Crimes, which is in charge of investigating the Terra case, has recently issued an exit ban on A, the core designer of Terra, according to JTBC. In a previous interview with JTBC, he claimed that Do Kwon had privately sold other Tokens to institutions to raise large sums of money, and the prosecution is currently confirming whether the funds raised in this way were "market adjustments" that artificially inflated the price of the coin. The prosecution has reportedly begun a legal review to see if Do Kwon and others could be charged with fraud and violations of similar receiving practices laws.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.