Terra Founder Do Kwon Has Hired a Lawyer in Korea to Respond to the Korean Prosecution's Investigation

Aug 17,2022
KingData News: According to Chosun Ilbo, Terra founder Do Kwon has hired a lawyer in Korea to respond to the country's prosecution investigation into him, and Do Kwon appears to have recently submitted a letter of appointment as a lawyer to the Seoul South District Prosecutor's Office, which is investigating the case. But Do Kwon said in a recent interview with Coinage that he never contacted the South Korean investigative authorities and had a hard time making a decision to return to Korea.
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.