Crypto Fugitive Do Kwon’s Firm Accuses Korean Prosecutors of Overreach

Sept 29,2022
KingData News: The firm behind failed cryptocurrencies TerraUSD and Luna accused South Korean prosecutors of overreaching their authority, two weeks after they issued a warrant for the arrest of its chief executive, Do Kwon. Terraform Labs Pte. Ltd. laid out Mr. Kwon’s defense in a statement sent to The Wall Street Journal on Wednesday. A spokesman for the Singapore-based firm said in the statement that Luna wasn’t legally a security, which would mean that it isn’t covered by South Korea’s capital-markets law.
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.
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