Terra’s Do Kwon May Be Trying to Escape Probes, Prosecutors Say

Sept 19,2022
KingData News: Korean prosecutors raised the prospect that Do Kwon, the progenitor of a $60 billion cryptocurrency wipeout, is trying to evade redress over a meltdown that shook digital-asset markets worldwide. Kwon had moved from Korea to Singapore, where his now collapsed Terraform Labs project had a base, but the city-state says he’s no longer there. In previous news, South Korean prosecutors asked the Ministry of Foreign Affairs to impose administrative sanctions on five people, including Terra founder Do Kwon.
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.