Wednesday, June 29, 2022
HomeCryptocurrencyOne of the Key Designers of Terra (LUNA): Do Kwon Once Said...

One of the Key Designers of Terra (LUNA): Do Kwon Once Said He Had “made enough money to buy an island”

The investigation into the major cause of Terra (LUNA) collapse is still in progress. And South Korean Authorities are determined to punish anyone or group of people directly or indirectly involved in the major collapse that evaporated assets worth 50 trillion won within a few weeks.

“Enough Money to Buy an Island”: Secretly Sold LUNA Tokens to Institutions

Recently, one of the key designers of Terra (LUNA) told a local news channel JTBC during an interview that he had once heard Do Kwon, the founder and CEO of Terraform Labs, saying that he had “made enough money to buy an island”.

Read Also: Terra (LUNA) Founder Do Kwon to Investors: Only Hold Beliefs that Will Stay Constant at 5 Digits or 1

According to the report, the key designer identified in the article as “Mr. A” has been slammed with a departure ban by the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team (Collaborative Team). This implies that the developer can’t leave the country at the moment, due to the ongoing investigation.

The report reads in part:

“As such measures have been taken to prevent departure, the possibility is raised that the prosecution will soon launch a forced investigation, including a search and seizure, as well as ‘summoning by lines’ of officials. Currently, it is known that the prosecution is coordinating the investigation schedule with Terra officials. However, an official from the Ministry of Justice said, “It is impossible to confirm whether the departure ban is related to the confidentiality of the investigation.”

The Terra designer identified as Mr. A also claimed that Do Kwon took LUNA tokens and sold them to institutions to raise a huge amount of money. The report stated that the purpose of the coin sold is now under investigation. Investigators want to know whether the funds raised were used for market price adjustment.

Read Also: Do Kwon Refutes Cashing Out $2.7 Billion Worth of LUNA and UST Before the Crash, Shares His Side of the Story

Possibility to Charge Do Kwon and Others

According to the report, the investigation has reached a point where the charging of Do Kwon and others involved in the Terra ecosystem’s fiasco is being considered. They could be charged with crimes such as fraud and violation of the Act on Similar Receiving Acts.

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As for Terraform Labs CEO, who currently resides in Singapore, the report says he must first take measures such as invalidating his passport before starting a compulsory investigation.

So, for this reason, it may take some time before the compulsory investigation into key management, including Do Kwon, begins.


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Solomon Odunayo
Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.
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