The collapse of Terra happened months ago. However, the aftereffect is still present in the crypto-hallways. verse’s The South Korean authorities are currently making every attempt to apprehend Do Kwon, the project’s originator.
Authorities in South Korea are having difficulty compiling a compelling case against the token’s founder Do Kwon. According to a Bloomberg story, disagreements about how to manage Terra tokens are emerging as a result of the lack of laws.
The prosecutor’s office recently asked that a Terraform Labs ecosystem participant be jailed. The court, however, turned down their motion. Despite what the prosecutors asserted, the judge concluded that it is still unclear if the defendant truly violated the South Korean Capital Markets Act.
The prosecution seems to mention the difficulties of the case while implying that it is working hard to prove the case. The authorities insist that further research is ongoing despite the lack of specific restrictions.
Terra Chief’s Whereabouts Still Unknown?
Do Kwon, the chief of Terra, is charged with breaking the Capital Markets Act, while he insists that he did nothing illegal. Kwon is the subject of an Interpol and local South Korean authorities’ arrest warrant. Kwon’s whereabouts are still a mystery.
Kwon, who continues to maintain his innocence, has received a red alert from Interpol. Furthermore, Kwon asserted that the red notice is not an arrest warrant in a recent interview with Laura Shin. When asked where he lived, Kwon also declined to give his address. Rumors suggest that he might be in Dubai, though.
Additional charges against Kwon have not yet been made public by the prosecution. The Terra disaster resulted in losses for a total of 280,000 persons, who claimed compensation. In a lawsuit brought by the lawyer for the victims, Kwon was charged with fraud and illegal fundraising.
On the other hand, today’s crypto markets experienced a small reprieve, and the Terra tokens also experienced a rise. At the time of writing, Luna Classic (LUNC) was priced at $0.00024929 with a daily hike of 8.0%. However, LUNA was priced at $2.47 with a rise of 4.2% over the last 24 hours.