- Terra founder Do Kwon has announced a meeting inviting police from all over the world to attend as he seeks to prove his innocence.
- The South Korean authorities believe that Kwon moved from Dubai to Europe and has been issued an arrest warrant and an Interpol Red Notice.
Recently, its reported that South Korean prosecutors have announced that evidence has been found against Do Kwon, the founder of Terra and Terra Classic, for manipulating the market price of the asset that led to the total collapse of the ecosystem. In response, Do Kwon has announced a meeting inviting police from all over the world to attend.
Alright i’ll throw a meetup/conference soon to get over this in hiding bs Cops from world over welcome to attend.
According to him, all these allegations are fabricated for political reasons, but he would prove his innocence.
The nation’s biggest newspaper Chosun Ilbo explained that the evidence found by Seoul Southern District Prosecutors’ Joint Financial and Securities Crime Investigation Team was a message-based conversation between Kwon and an unnamed Terraform employee.
An official at the prosecutor’s office said:
I cannot reveal the details, but this was a conversation whereby CEO Kwon specifically ordered the manipulation of prices.
The prosecutors also disclosed that the Terra founder is now based somewhere in Europe. The country’s foreign ministry has, therefore, voided his passport. This means he cannot travel between countries and has technically been rendered an illegal immigrant wherever he is based.
Do Kwon faces a fresh lawsuit from aggrieved Terra investors
The South Korean authorities believe that Kwon moved from Dubai to Europe. He has been issued an arrest warrant and an Interpol Red Notice. Regardless of this information, the Terra classic founder claims that he is not “in hiding” or “on the run”.
For those of you that have been spreading falsehood on the [taxpayer’s] dime, you are invited with VIP honors – will even pay for your plane ticket. Show up if you dare.
Recently, a fresh $57 million class action suit was brought against Kwon and Terra founding member Nicholas Platias, by aggrieved investors in Singapore. The ecosystem collapse made investors lose millions with trading platforms including Dash 2 Trade experiencing a drastic fall in trading volume. The lawsuit was filed by 359 Terra investors on September 23. The Wall Street Journal reported that the investors “believed that [TerraUSD] would be a token that was stable by design [and]whose price would always be pegged to the US Dollar.”
In addition, it was cited in the lawsuit that investors assumed the stablecoin would offer them attractive APY returns when staked in Anchor Protocol, Terraform Labs’ lending and borrowing service.
According to the lawsuit, the individuals sued “knew or ought to have known that the Claimants wished to buy and hold cryptocurrency stablecoins that were not subject to the volatility of the wider market and earn a decent passive return.”
It was also stated that Do Kwon used multiple tweets to raise hopes and assured that everything was under control after the UST collapsed.
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