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Do Kwon made a mistake, but Terra’s staff is facing the wind of legal control

Do Kwon

South Korean authorities are ready to dig deep into Terra Fall with Terra personnel and documentation

Terra (LUNA) has surprised the entire global cryptocurrency market with its sharp drop in its price, despite the fact that it is the popular stablecoin. The sudden instability of the stable currency provoked several reactions from Terra, including the founder, Do Kwon, and all of Terra’s staff. Meanwhile, South Korea has launched a full investigation into tax evasion and other regulations for LUNA chips and the loss to millions of crypto investors. It is true that Do Kwon made some mistakes in creating the Terra blockchain and the ecosystem, but Terra staff are now under legal control.

The Financial District and Securities Crime Investigation Team at the South Seoul District Attorney’s Office has called on Terra staff to look for the key reasons for the stability of the algorithmic stable currency. Terra staff are under legal control to answer questions about whether there has been a price manipulation. But employees who were involved in the LUNA project claimed to have warned Do Kwon about the pilot’s failure, however, he continued with the stablecoin project.

The investigation team wants to find out if the negligence of Do Kwon and other Terra executives has created this drastic consequence, and there are millions of crypto-investors as victims for investing in this stable currency. The investigation has escalated because there are allegations that the National Tax Service has found evidence of a suspicious flow of transactions between Luna Financial Guard and Terraform Labs for tax evasion. Do Kwon is forced to pay $ 78 million to the South Korean National Tax Service as a severe penalty for tax evasion.

The South Korean authorities also asked Terra staff about the relevant documents, information and materials and also to hand them over. Clearly, even when there was a sustainability issue on Earth (LUNA) in this highly volatile cryptocurrency market, Do Kwon was determined to move it forward. They analyze the potential price manipulation with several cryptographic exchange platforms, as well as the listing process.

It is reported that the South Korean authorities will launch a committee by the last week of June 2022 for further investigation of Terraform laboratories and Terra personnel. The committee will focus on creating detailed advice, crypto investor safety, and disclosures. Did Kwon and his mistake force South Korea to set stricter regulations for cryptocurrencies in the future?

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