Terra Founder Do Kwon: Korean Prosecution Charges Not Legal and Not at Large

Oct 18,2022
KingData News: In an interview on the crypto podcast Unchained, Terra founder Do Kwon said that the South Korean prosecution's charges against him for allegedly violating the Capital Markets Act were illegal and "politically motivated" and reiterated that he was not at large and had not seen a copy of the arrest warrant. As previously reported, in September, South Korean prosecutors issued arrest warrants for seven people involved in Terra, including its 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.