March 29, 2024

U.S. Attorney's Office Charges Terra Founder Do Kwon

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U.S. Attorney's Office Charges Terra Founder Do Kwon

Just hours after Terra founder Do Kwon was reported to have been arrested in Montenegro, U.S. prosecutors filed criminal charges against him.

Do Kwon is accused of conspiring withfor the purpose of fraud, commodity fraud, securities fraud, wire fraud and conspiracy to manipulate the market. American law enforcement agencies plan to seek the extradition of the Terra founder to the United States.

The statement emphasized that Do Kwon“has made false and misleading statements for years,” both on television and on various social media platforms from accounts associated with Terraform Labs.

“Kwon agreed with his accomplices todefraud buyers of cryptocurrencies issued by Terraform Labs. They deceived investors about the effectiveness of an algorithm that allegedly ensured price stability for UST, and also manipulated the market,” US prosecutors say.

Interestingly, according to law enforcementauthorities, Do Kwon contacted representatives of an investment and trading firm in the United States to help him “change the market price of UST.” Apparently, we are talking about the company Jump Crypto.

Let us remind you that yesterday Do Kwon was arrested at the airport of the capital of Montenegro.