Once in the world of cryptocurrencies, a man named Do Kwon. Seen as a visionary, a mastermind behind two tokens that held great promise - TerraUSD and Luna.
These tokens captured the imagination of investors worldwide, and their values soared to great heights. But little did anyone know that a catastrophic downturn was just around the corner, and it would change Kwon's life forever.📉
The Catastrophic Fall Of TerraUSD And Luna:
It all started with a market collapse, wiping out a staggering $40 billion from crypto. The tokens associated with Kwon, $USTC and $LUNA plummeted in value, leaving countless investors in financial ruin.
As the losses mounted, the authorities took notice, and both US and South Korean law enforcement agencies set their sights on Kwon.
The collapse of TerraUSD, the #stablecoin Kwon ardently promoted, lies at the heart of this story. Unlike other fiat-backed stablecoins, TerraUSD was an algorithmic variant, relying on sophisticated financial strategies and collective trader efforts to maintain its value.
Many were drawn to the vision of a revolutionary monetary system, free from the constraints of traditional banking. However, their hopes were short-lived.
In May 2022, the valuation of TerraUSD began to decline rapidly, triggered by significant withdrawals from Anchor Protocol, a platform that promised lucrative returns for TerraUSD deposits.
Kwon desperately attempted to salvage the situation, deploying a $3 billion reserve fund, but his efforts were in vain. Within days, TerraUSD's value had crumbled to just a few cents, leaving investors furious and devastated.
Kwon's Arrest In Montenegro:
Kwon's journey from revered crypto pioneer to international fugitive reached its climax in Montenegro. In March, as he and his associate Chang-joon Han tried to board a private jet for Dubai, they were detained at the airport.
An international warrant had been issued for their arrest, following the collapse of the tokens associated with Kwon. The loss in the market was estimated to be around $40 billion.
The arrest came as a result of an informant's tip to Montenegro's interior minister. When Kwon and Han arrived at the Podgorica airport, they paid their taxi driver an unusually large sum of money. This raised suspicions, and upon scanning Kwon's passport, an alert was triggered. The authorities swiftly detained both of them. It was later discovered that Han was carrying a counterfeit passport, adding to the seriousness of the situation.
Now, both South Korea and the US are seeking Kwon's extradition from Montenegro. However, the local authorities have indicated that they will consider this only after the conclusion of the legal proceedings in their own country.
Kwon's arrest has sparked political turmoil in Montenegro, with allegations of connections between Kwon and a politician named Milojko "Mickey" Spajić.
The accusations against Kwon are grave. Both US and South Korean officials believe that he deceived investors and secretly accumulated a vast crypto wealth. If found guilty in South Korea, Kwon could face the most stringent punishment for a financial transgression.
Despite these serious charges, Kwon has consistently denied any wrongdoing. Before his arrest, he mysteriously disappeared from his luxurious home in Singapore, only to mockingly engage with authorities through tweets and undisclosed interviews.
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