Terra (LUNA) founder Do Kwon will have to face the charges brought against him in South Korea.
Prosecutors of the South Korean Ministry of Justice signed a decision that Do Kwon must notify the authorities after his return to the country. It is stated that Kwon currently resides in Singapore.
The collapse of Terra’s native token LUNA and stalbecoin UST had a devastating effect on the cryptocurrency industry. Due to the panic that ensued, investors began to dispose of their USTs quickly.
Since the native token is linked to the stablecoin, Terra started printing LUNA to offset the crisis. However, this increased the supply of a LUNA and the price of the asset hit bottom.
The great collapse caused Terra CEO Do Kwon to get a big reaction. There were even death threats against Kwon himself and his family.
South Korean Kwon, who currently resides in Singapore, will have to face the authorities when he returns home.
Prosecutors are also investigating whether Kwon evaded taxes by transferring his crypto assets to an offshore account.
