Terra Luna creator Do Kwon Sparks Controversy

Do Kwon, co-inventor of the fallen Terra stablecoin system whose collapse wreaked devastation in the global cryptocurrency market sparked controversy as he spoke that authorities in South Korea haven’t filed charges against him or been in touch. 

In an interview with crypto media startup Coinage, the co-founder of Terraform Labs was asked if he intends on returning to Korea from Singapore, where he has been staying.

Responding to the question Kwon stated in the video interview that it is kind of hard to make that decision because he has never been in touch with the investigators. He adds that they (referring to Korean authorities) have never charged them with anything.

Also read, Do Kwon owes $78.5 million South Korean government

Raids conducted by South Korean Prosecutors on Terra


South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shin as part of an investigation into allegations of illegal activity behind the collapse. Authorities have also demanded that Kwon notify them when he returns to the country, and banned current and former employees of Terraform from fleeing the country, but no arrests have been made.

Kwon said he plans to cooperate when the time arrives. When the interview host floated the possibility of any jail time, Kwon said, Life is long. 

South Korean prosecutors, when asked about the Coinage interview, refused to disclose details about the investigation, saying that they are doing their best and taking all required measures.  

Terra’s collapse and the broader market sell-off led to the downfall of Three Arrows Capital, the once high-flying crypto hedge fund now under liquidation, with market contagion also affecting lenders and brokers such as Voyager Digital Ltd. and Celsius Network Ltd. 

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