Terra Founder Faces Government Investigations, Lawsuits, and $78M Fine for Tax Evasion
South Korean authorities have formed an emergency financial crimes unit to investigate the collapse of stablecoin protocol Terra, and fined the protocol’s founder, Do Kwon, $78M for tax evasion, local media reported. The government agencies want to understand why UST, Terra’s US dollar stablecoin, lost its peg on May 9. The crash wiped $18 billion…
By: Samuel Haig •
DeFi
South Korean authorities have formed an emergency financial crimes unit to investigate the collapse of stablecoin protocol Terra, and fined the protocol’s founder, Do Kwon, $78M for tax evasion, local media reported. The government agencies want to understand why UST, Terra’s US dollar stablecoin, lost its peg on May 9. The crash wiped $18 billion…
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