Terra (LUNA) Founder Do Kwon Facing South Korea Investigation Over Claims of Ponzi Fraud: Report - BitcoinEthereumNews.com
TeknolohiyaTerra (LUNA) Founder Do Kwon Facing South Korea Investigation Over Claims of Ponzi Fraud: Report05 / 20 / 2022Balita ng Ethereum ng Bitcoin The CEO of Terraform Labs is facing possible criminal charges in the wake of two leading cryptos collapsing earlier this month. Sa isang bagong ulat, Yonhap News says that South Korean authorities are considering bringing Ponzi scheme charges against Do Kwon, the founder of Terra (LUNA) and algorithmic stable coin TerraUSD (UST), both of which have plummeted by over 99.99% recently and causing losses of around $40 billion. At issue is the Anchor Protocol, a decentralized finance (DeFi) platform built on top of the Terra ecosystems blockchain, which offered investors of UST returns of approximately 20%. The report says that the Financial and Securities Crime Joint Investigation Team will investigate the case, and quotes one member of the prosecutors office as saying, “Kwons remarks promising returns could provide a key clue.” Do Kwon and fellow Terraform co-founder Daniel Shin are also being sued by five investors who claim to have lost $1.1 million due to “fraud and other financial irregularities,” says the report. The legal pressures on Kwon come in the wake of Luna Foundation Guard (LFG) paglalaglag billions of dollars worth of Bitcoin