During a massive search, Kwon uses Twitter to prove his innocence.
Since many months ago, investors have been paying attention to the activities of the Terra (LUNA-USD) ecosystem. The network that spread the May cryptocurrency meltdown has been mired in controversy. An international hunt for Do Kwon, the network's creator, has concluded this month. And in today's Terra news, Kwon is seen attempting to disassociate himself from a contentious news item.
It has been difficult for crypto aficionados to escape Terra news. After all, the network's fall has been more quick and expensive than that of any other blockchain initiative in the world. Midway through May, the token started to rapidly decline, erasing $60 billion from the enterprise and completely shattering investor confidence. However, the project's aftermath has generated considerably more controversy than anticipated.
Following LUNA's failure, one of the greatest disputes between investors and project creators occurred. The notion of a hard fork was put up to the Terra community while the Terra team discussed recovery options. At first, this concept was fiercely rejected by the neighborhood. However, when the results of the official vote were announced, there seemed to be a quick and unexpected change, with 65% of the voters supporting it. It comes out that Do Kwon had been reportedly concealing his LUNA holdings from investors and had used these monies to essentially bully his own plan through.
Authorities have been compelled to look closely at the project as a result of these discoveries and the collapse itself. The Terra Labs headquarters and 14 other places connected to the project were searched during more than a dozen searches that South Korean officials carried out in July. But despite all, they haven't been able to track down Kwon. He is speaking up as more evidence mounts.
Do Kwon responds to reports of secret bitcoin holdings in Terra News
Do Kwon is getting more outspoken in the realm of Terra news today. While media outlets are reporting on a bag of Bitcoin (BTC-USD) that the project's creator reportedly attempted to cash out lately, the founder is speaking out from a position of concealment.
Indeed, Kwon's whereabouts have remained virtually a mystery ever since the network's demise. The South Korean government authorized a notice of arrival in July in the event that Kwon crossed its borders. Kwon hasn't been seen in public since, despite his insistence that he isn't eluding the law. He said earlier this week on Twitter, "I'm making zero attempt to conceal." Since then, Interpol has issued a red alert, considerably intensifying the hunt for Kwon.
Additionally, the South Korean government is seeking to freeze $62 million in Bitcoin assets that it claims Kwon is trying to sell off. Since the holdings came from the wallet of the Luna Foundation Guard, analysts believe Kwon is most likely the owner of them. An group designed to support Terra is the Luna Foundation Guard. Just two months before Terra's fall, Kwon began it. After receiving the money, the wallet sent them to the OKX and KuCoin exchanges.
Kwon is certain that the money is not his and that the reports are false. Kwon claims that there was no "cashout" as had been claimed. I haven't utilized OKX or KuCoin in at least the last 12 months. No Luna Foundation Guard funding, he continues, are now frozen. The South Korean government, however, claims that it is just now beginning to work on doing so and hasn't done so so far. As this drama develops, investors will need to wait and see if this action by the government is effective.
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