Terra and Founder Do Kwon Face SEC Charges: Delayed Action Sparks Controversy
• The United States Securities and Exchange Commission (SEC) recently filed charges against Terra and its founder, Do Kwon.
• Many in the crypto community are questioning the timing of the prosecution, as well as the fact that it only focuses on half of the wrongdoing.
• Meanwhile, Kwon has been in hiding for several months, with Korea now searching for him in Serbia.
Terra and Its Founder Face Charges From SEC
The United States Securities and Exchange Commission’s 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 has 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.
Suspicious Timing Arouses Suspicion
As a result of the SEC’s announcement, many are questioning the agency’s intentions and whether it truly prioritizes safeguarding U.S. investors. 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.
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 these funds are not his and 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 who he considered „poor.“ In light of these recent charges officials from Korea are now searching for Kwon in Serbia; with members from within this same community continuing to watch this situation closely while questioning why such action was taken so late by SEC authorities?
SEC Prioritizes Safeguarding US Investors?
Many are questioning if US regulators truly prioritize safeguarding US investors – noting how long it took before taking legal action against individuals like Do Kwong despite their alleged involvement with fraudulent activities? This delay is particularly concerning when considering how much money was lost by investors during this time period – which resulted into further financial losses across various other cryptocurrency businesses as a consequence due lack trust being placed within this industry overall?
Crypto Community Watches Closely
The crypto community continues to watch this situation closely while asking questions regarding why such actions were taken so late by US regulatory bodies? As a result much speculation surrounding Do Kwong’s whereabouts have arisen – with some sources claiming he may be on-the-run or attempting evade capture by law enforcement officials from South Korea currently searching for him throughout Serbia?