LUNA Inventor Imprisoned? Here’s the Truth Behind the Collapse!

LUNA: Even as the South Korean government accelerates investigations into the Do Kwon and Terra (LUNA) debacle, digging deeper into the legal aspects reveals interesting facts. Terraform Labs founder Do Kwon is facing lawsuits and tax evasion charges.

Could the LUNA founder go to jail?

The country’s authorities plan to tighten cryptocurrency controls very soon. The cryptocurrency committee will monitor altcoin projects and establish guidelines on listing, disclosures and investor protection. It will also consult a body of top 5 South Korean crypto exchanges.

Still Waters on Terra: LUNA Inventor Chasing New Coin!

How much trouble is Do Kwon in?

What is at stake for Do Kwon is not as great as the losers from Terra investment predict. According to a CNBC report, former federal prosecutors and regulators think the whole scenario could possibly lead to fines and penalties against him. In the worst case scenario, it is believed that Kwon could spend some time in prison. Randall Eliason, a former US assistant attorney, said the prosecution may require going through piles of documents and talking to several people. “No one should expect something to happen overnight,” the report said.

This Altcoin Could Be The Destination After Terra!

Billions of fines possible for LUNA crash

In the Do Kwon case, fines could be imposed based on the amount of damage, which was approximately $60 billion. Precautionary injunctions and notifications can also be made against the founder of Terra. Meanwhile, on Wednesday, Binance CEO CZ asked the investigation team from inside Terra to look into FatMan’s allegations against Kwon. CZ has always opposed the idea behind algorithmic stablecoins and Kwon’s plan to revive the UST and LUNA tokens.

It should also be noted that Binance has taken a cautious approach when listing the new LUNA. On Sunday, the Terra team made an announcement for the Terra Luna 2.0 launch. The exchange has listed LUNA 2.0 under the innovation zone, a category for high-risk tokens. Amidst all the turbulence, FatMan recently announced that Kwon may launch a new decentralized stablecoin on Terra 2.0. FatMan said that a verified insider said that Kwon is currently designing a new decentralized stablecoin.

LUNA 2.0’s transaction volume exceeded 2 billion dollars in a short time

Despite all the losses, LUNA 2.0 was trending in the last days of May and continues to trend in the first week of June due to the addition of several cryptocurrency exchanges to its new listing. The support of several well-established cryptocurrency exchanges was effective in this revival. It can be said that Binance is largely responsible for the rising trading volume of LUNA 2.0. As we have reported, HitBTC and were among the exchanges that listed Terra.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.