Despite concerns over Do Kwon’s house arrest and the potential legal implications, numerous Terra (LUNA) investors remain focused on speculative price movements. Some hold onto hopes for the project’s resurgence, but a recent court decision may exacerbate legal challenges for Kwon.
Many Terra (LUNA) investors are primarily interested in monitoring speculative price fluctuations. Despite this, some remain optimistic about the project’s potential for recovery. However, there are concerns surrounding the founder, Do Kwon, who is currently under house arrest. While this situation may seem manageable, there’s a possibility that he could face imprisonment soon due to a recent court decision.
LUNA Coin Faces Price Drop Amid SEC Accusations Against Do Kwon
The price of LUNA Coin has plummeted to $0.9 following recent breaking news. The US Securities and Exchange Commission (SEC) has accused Do Kwon and his company of deceiving investors regarding the stability of TerraUSD and its integration with a Korean mobile payment application. Moreover, Do Kwon, the founder of Terra, has been convicted of fraud, a charge officially documented in court records.
As discussions arise regarding his potential extradition, Do Kwon remains under house arrest until a decision is made regarding his extradition to either South Korea or the US. Given his conviction in the US, the likelihood of extradition to the US has heightened, especially since he is supposed to be incarcerated there.
The SEC has specifically accused Do Kwon of misleading investors by asserting that the algo stablecoin UST would naturally peg back to one dollar, claiming it was inherent in the algorithm’s nature to do so.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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