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Friday, January 27, 2023

Do Kwon’s Withdrawal Of $80 Mn Before Luna Fallout Meets Mixed Reactions

There have been multiple reports that Do Kwon, the founder of Terra, allegedly withdrew around $80 million monthly before the project crashed on Friday. This has led to most of the leading members of the crypto community speaking up on this. Michael van de Poppe, a crypto trader, and analyst mentioned in a tweet that the founder of Terra definitely deserves to be imprisoned. He went on to compare the CEO of Terraform Labs to the infamous fraudster, Bernie Madoff- making no qualms about his opinions for the disgraced founder. 

Do Kwon’s Actions Have Infuriated The Crypto Community

DaisiObanla, another user on Twitter has also agreed with this sentiment. According to this user, he definitely wants Do Kwon to be sentenced to prison for 150 years with no chance of parole. Interestingly, Nicolas Boulay, a football player, has stated that the executive of Terra needs to feel the complete and utter wrath of this community.

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Now, while most of the crypto leaders have been calling for his head, there are a few who disagree with this sentiment. President Bodhi stated that nobody really puts casino owners in jail- highlighting that investing in crypto assets has always been a gamble. Andrew, a Twitter Druid also spoke up about how Kwon had not violated any criminal code. 

The South Korean authorities have already started investigating Do Kwon’s Terraform Labs and the workers for alleged embezzlement in Bitcoin. Through the cooperation of an exchange platform, the authorities were quite capable of freezing the funds in question. The investigation began after the cops received an anonymous tip from an informant who worked in the firm.

Amidst the debacle that encompasses Do Kwon, the ruling party in the country has revealed plans of creating a digital asset committee.

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