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Terra (LUNA) investors are largely focused on speculative price movements. However, some continue to believe that the project will rise from the ashes. The problem is that founder Do Kwon is currently under house arrest because he is living through the best-case scenario. But he could soon be behind bars. A new court decision has been made.
Do Kwon and Terra
LUNA Coin price has dropped to $0.9 following a breaking news development a few minutes ago. However, we may see further losses in the coming hours. The US SEC has accused Do Kwon and his company of lying to investors about the stability of TerraUSD and its integration with a Korean mobile payment application. Additionally, Terra’s founder Do Kwon has been found guilty of fraud. This means that the crime is now officially recorded in court documents.
Amid discussions about his extradition, Do Kwon will remain under house arrest until his extradition to South Korea or the US is clarified. With the confirmation of his sentence in America, the likelihood of his extradition to the US has increased, as the founder is already supposed to be in prison.
SEC was accusing Do Kwon of lying by claiming that the algo stablecoin UST would naturally peg back to one dollar and that it was in the nature of the algorithm to do so.
