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Korean authorities issued a notice upon arrival in Do Kwon (Report)

After returning to Korea, Do Kwon will be obliged to notify the relevant authorities and face all charges against him.

South Korea’s Ministry of Justice is said to have approved prosecutors’ request that the notorious Terraform Labs Co-Founder – Do Kwon – must notify the authorities when he returns to the country. He is believed to currently reside in Singapore.

The prosecution wants to hold Do Kwon accountable

The demise of Terra’s native token – LUNA – and its algorithmic stablecoin – UST – was one of the most discussed topics in the crypto community two months ago. The second stock lost its peg and fell below its $1 target. As a result of the panic accumulating, investors began to sell their UST reserves in bulk.

Since the native token is tightly connected to the stablecoin, Terra’s team has started mining more LUNA to stabilize the crash. However, this process increased the supply of LUNA and therefore its price decreased accordingly.

Considering the magnitude of the problem, it is worth noting that the asset was among the 10 largest cryptocurrencies by market capitalization before the crash, while it was almost zero just a few days later. . Many investors have suffered significant losses, while some have logically begun to look for the culprit of the event, blaming Terra CEO and Co-Founder – Do Kwon.

According to a recent report, the 31-year-old South Korean man, believed to be currently residing in Singapore, will be required by the Ministry of Justice to notify the authorities when he returns to his homeland.

He will also face all sorts of charges against him, such as allegations of fraud and participation in illegal fundraising. In addition, prosecutors looked into whether Kwon evaded taxes by transferring crypto assets to an offshore account.

It is worth mentioning that the Korean authorities have banned many of Terra’s top executives from leaving the country, including Daniel Shin – another Co-Founder of the project.

Anonymous is also targeting Kwon

A month ago, the famous hacking collective – Anonymous – claimed that Do Kwon was the one to blame for Terra’s demise and many investment losses. As a result, the group vows to expose the executioner’s darkest secrets and hold him accountable for the adverse outcome:

“Anonymous is looking at Do Kwon’s entire history since he entered the crypto space to see what we can learn and bring to light. Undoubtedly, there are many more crimes to be discovered in your trail of destruction”.

Other scams Anonymous mentions may refer to Do Kwon’s relationship with another failed stablecoin in the recent past called “Basis Cash”. The Korean is one of the Co-Founders of the project, which, similar to UST, has gone downhill.