The collapse of the Terra ecosystem earlier this year in May 2022 shook the entire crypto fraternity as it led to a humongous wealth erosion of more than $40 billion in a matter of a week. Ever since South Korean regulators have been on their toes investigating the matter of what led to the collapse.
However, in his recent interview with Coinage, Terra founder Do-Kwon made a surprising admission that Korean regulators haven’t been in touch with him nor have they filed any charges. Do-Kwon has been currently staying in Singapore, Coinage’s Zack Guzman asked him whether 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 has been a series of class action lawsuits against Do Kwon, Terra and all of his affiliates. Last month, the South Korean authorities escalated their investigation into Terra and raided the home of Terra co-founder Daniel Shin.
South Korean Regulators Want Do-Kwon Cooperation
Regulators from South Korea have also been asking the Do-Kwon to cooperate with the investigation. They also want Kwon to notify them once he returns back to South Korea. Although no arrests have been made, the regulators have banned current and former employees of Terra from leaving the country.
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Do Kwon said that he would cooperate with the authorities when the time comes. The interview host further asked if there are any prospects of any jail time. Responding to it, Kwon said: “Life is long”. So far, the South Korean authorities haven’t come up with any concrete details on the matter.
In the past, Do Kwon said that he doesn’t believe that he committed fraud. He added that he was just betting big on something which failed.