Especially during the collapse of Terra (LUNA), those caught inside are familiar with FatManTerra. But let’s revisit his latest assessments with a brief reminder for those who may have forgotten. Do Kwon, who brought down the $40 billion ecosystem, will soon be extradited to his home country, and FatMan’s focus is once again on Do Kwon.
Terra (LUNA) and Alleged Bribery
Do Kwon, who was caught in Montenegro, has been in the country of his arrest for a long time and has not yet been extradited. Moreover, we have been experiencing strange events for months. An extradition decision is made, but just as he is about to be extradited, a higher court overturns the decision. Then a new decision is made, and it is announced that he will be extradited to the USA. However, after some time passes, the decision is again overturned on the grounds of procedural irregularities.
While there was talk of whether Do Kwon would make it to this month’s US court following the approval for his extradition to the US, the decision was once again overturned. A few days later, Montenegrin authorities announced that Do Kwon would be extradited to South Korea, a country with which they do not have an extradition treaty.
FatManTerra seems to view all these delays as a theater, as he wrote today;
“Bribery works wonders.”
Do Kwon and the Court
Do Kwon bears significant responsibility for the collapse of the $40 billion Terra ecosystem. Questions such as how the Terra treasury was spent, how billions of dollars in Bitcoin were consumed, and why massive UST was given to market makers triggering market volatility will be asked in court. We had written detailed evaluations covering this topic extensively in 2022.
Following Do Kwon’s previous failed algo-stablecoin venture (which he did anonymously, so people didn’t discuss it while Terra was alive), UST was launched, and Kwon’s second algo-stablecoin venture failed. Today, the Terra founder has an “unknown” fortune capable of covering tens of millions of dollars in legal fees.
FatMan recently stated;
“CJ Han, one of the accounting geniuses behind the Terra fraud and a close partner of Do Kwon, has been handed over to South Korean authorities. Do Kwon will face justice in the US, but let’s not forget Jump, Kanav Kariya, Chris Amani, and all the other complicit Terra fraudsters.”
In other words, the legal showdown for the Terra collapse has not yet fully started, and we are likely to see many more developments in the coming months.
