South Korean Judicial Measures Seek To Surround Do Kwon And The Co-Founder Of Terra
✍️ 28 July, 2022 - 17:43 👤 Editor: Jakub Motyka
- The South Korean justice system is taking the legal action against Do Kwon very seriously.
- According to them, the fall of Terra is It is a status issue that must be addressed quickly.
- What will become of Do Kwon? What repercussions will the case have for the future of cryptocurrencies?
South Korea takes forceful legal measures against Do Kwon and the co-founder of Terra. As a result of everything related to the loss of parity of UST and its ecosystem, the The general market has had a hard time getting back on its feet. Some important companies in the industry such as Celsius, Voyager and Three Arrow Capital have been strongly affected, and with them, all their investors. For this reason, justice in South Korea and many other countries have joined forces to investigate the reasons behind the downfall of Terraform Labs.
The South Korean prosecutor's office has asked the Ministry of Justice to impose a “notice of arrival” on Do Kwon. This will notify the authorities the moment the CEO of Terraform Labs touches South Korean soil. In addition to this, they have requested a ban on Terra co-founder Shin Hyun-seung leaving the country, due to the large number of fraud complaints before the court.
South Korean Authorities On The Hunt For Terra's Assets
Over the past few weeks, the South Korean prosecutor's office has carried out a series of measures, including searches and seizures in more than 15 locations linked to Terra. This includes seven cryptocurrency exchange offices, Shin and Chai Corporation's private residence, and a payments company of which Shin is founder and CEO.
The South Korean authorities analyze the Terra case as a state problem, due to the large number of individuals and companies that have lost capital in the process. Suspicions that Luna was actually a pyramid scheme orchestrated by Do Kwon have gained a lot of power. This has drawn the attention of many international organizations and even hacker groups who seek to bring those responsible to justice.
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