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The collapse of the Terra ecosystem earlier this yr in May 2022 shook your complete crypto fraternity because it led to a humongous wealth erosion of greater than $40 billion in a matter of every week. Ever since South Korean regulators have been on their toes investigating the matter of what led to the collapse.

However, in his current interview with Coinage, Terra founder Do-Kwon made a stunning admission that Korean regulators haven’t been in contact with him nor have they filed any prices. Do-Kwon has been at the moment staying in Singapore, Coinage’s Zack Guzman requested him whether or not he plans to return to South Korea. Responding to it, Kwon said:

“It’s kind of hard to make that decision, because we’ve never been in touch with the investigators. They’ve never charged us with anything.”

After the collapse of the Terra ecosystem, there was a series of class action lawsuits towards Do Kwon, Terra and all of his associates. Last month, the South Korean authorities escalated their investigation into Terra and raided the house of Terra co-founder Daniel Shin.

South Korean Regulators Want Do-Kwon Cooperation

Regulators from South Korea have additionally been asking the Do-Kwon to cooperate with the investigation. They additionally need Kwon to inform them as soon as he returns again to South Korea. Although no arrests have been made, the regulators have banned present and former workers of Terra from leaving the nation.

Do Kwon mentioned that he would cooperate with the authorities when the time comes. The interview host additional requested if there are any prospects of any jail time. Responding to it, Kwon mentioned: “Life is long”. So far, the South Korean authorities haven’t provide you with any concrete particulars on the matter.

In the previous, Do Kwon mentioned that he doesn’t imagine that he dedicated fraud. He added that he was simply betting huge on one thing which failed.

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The offered content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.