SEC Charges Terra and Founder Do Kwon
• The US Securities and Exchange Commission recently filed charges against Terra and its founder, Do Kwon.
• This has sparked controversy due to the delayed timing of the prosecution as it took close to a year for them to take action.
• Do Kwon has been in hiding for several months as authorities froze hundreds of millions of dollars worth of crypto that allegedly belonged to him.
Delayed Action Sparks Controversy
The United States Securities and Exchange Commission’s (SEC) recent filing of charges against Terra and its founder, Do Kwon, has surprised many in the cryptocurrency world due to its delayed timing. The SEC had been actively cracking down on crypto-related businesses for months yet it took close to a year for them to prosecute Kwon and his company. The delay is particularly puzzling given that Terra’s collapse caused millions of investors to lose their money and sparked a severe bear market that led to the failure of other cryptocurrency companies.
Crypto influencer Bitboy Crypto has highlighted the suspicious timing of the prosecution. Additionally, the fact that the case only focuses on half of the wrongdoing raises concerns among those who expected the SEC to hold Terra accountable for all its actions.
Kwon in Hiding
Meanwhile, Kwon has been in hiding for several months as authorities froze hundreds of millions of dollars worth of crypto that allegedly belonged to him. Kwon claims that the funds are not his and that he has no idea what they are talking about. Despite rumors that he is on the run, Kwon has categorically denied them.
Before Terra’s downfall, Kwon was well-known in the crypto world and regarded as a folk hero due to his sharp mind and charming personality. However, he was also criticized for his arrogance and tendency to mock his peers and those he considered „poor.“
Searching For Kwan In Serbia
In light of these recent charges, officials from Korea are now searching for Kwan in Serbia . The crypto community continues monitoring this situation closely while questioning why SEC took so long with prosecuting this case even though it had already been actively cracking down on similar cases before this one arose .
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