- The founder of Terraform labs, Do Kwon, appeared in the podcast of Laura Shin.
- Kwon answered queries related to the Crash of his cryptocurrency.
In the second week of October 2022, the Developers of Terra released a new proposal to rebuild Terra, even though Interpol issued an arrest warrant against the c-founder Do Kwon. He is also blamed for the fraud.
Earlier in the last week of September 2022, TheCoinrepublic reported that South Korea highlighted that Interpol urged law enforcement globally to trace and arrest Do Kwon, the co-founder of Terraform labs, who is facing charges related to the laundering of $60billion of the cryptocurrency TeeraLuna
Do Kwon talks about the charges against him in a recent Unchained Podcast episode on October 18, 2022, with Laura Shin.
He shared his message with TerraLuna victims and answered the allegations about potential fraud and non-transparent business practices.
After the Terra Collapse, Terra co-founder Do Kwon joined Unchained Podcast.
During the podcast, Kwon noted that he is not a lawyer or a law enforcement officer, so he does not know much about how red notice works.
Laura Shin asked Kwon about the issuance of an arrest warrant by a south Korean court in the charges based on the capital market act in Korea.
Kwon replied that the Capital market acts as a financial regulatory authority in Korea, also known as FSC(Financial Services Commission).
Kwon also noted, “There’s no reason why any government official would believe we fled to Singapore.”
He restated, KuCoin and OKX are crypto exchanges. “To say that the funds are frozen, I have not used KuCoin or OKX, as far as I can remember. I don’t have any funds there. If they froze $67 million I would definitely have noticed. ”
He continued his statement by mentioning, “There have been allegations that we moved LFG [Luna Foundation Guard] funds into a Gemini custody wallet and that it’s sitting there. All we did – to confirm trade with the market maker – was transfer it to an address on the market maker’s instruction.”
After the crash of TeeraLuna, several people globally committed suicide because they lost hundreds of billion of their savings which they had invested in Luna .
As per some reliable media reports, A man in Taiwan committed suicide after the crash of TeeraLuna because he lost around $2 million.
Responding to the suicide case, Kwon said, “I am sorry for that.”
Concluding his statement, he said, “Statements about the stability of UST led traders to gain confidence in a system that ultimately failed. I do apologize and own up to the responsibility of that.”
Terraform Labs was the creator of TerraUSD algorithmic stablecoin and TeeraLuna token. Both these coins exploded in May and caused huge losses in the crypto market, which was already battling tight monetary policy.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/10/20/terra-developers-discloses-4-year-plan-to-revitalize-the-luna-ecosystem/