If the Terra Network community members and followers thought that the situation was already worse for the network, they have another thing incoming for them.
The situation is about to get even worse for the entire Terra Network community but the tokens operated by the network may come under great stress.
The only reason behind the stress this time would be none other than the founder of the Terra Network, Do Kwon.
May 2022 Debacle
It’s been almost 5 months since the Terra Network suffered a huge crash, whose impact is still being felt throughout the crypto-verse.
Multiple lending and investment firms from the cryptocurrency industry have since filed for cryptocurrency due to the TerraUSD depegging.
Even the LUNC crash caused a huge loss to multiple major cryptocurrency entities in the cryptocurrency industry.
While the industry is still paying the price for the mismanagement from Terra Network’s side, Do Kwon seems to have a different stance.
Do Kwon’s Stance
The network is still finding it difficult to get back on its feet but Do Kwon keeps claiming that things are fine with the network.
As investors from around the world suffered huge losses due to the Terra Network crash, the South Korean investors decided they were not going to give up easily.
Multiple complaints were filed by the South Korean investors against Do Kwon and the Terra Network. Therefore, the court ordered the South Korean Police authorities to look into the matter.
South Korean Police on the Matter
As the police investigated the matter, they alleged that Do Kwon was behind the Terra Network crash that took place on May 8.
The police alleged that Do Kwon had already made preparations for the crash towards the end of April 2022. The report also suggested that the Terra Network had been moving money out of South Korea to different platforms and exchanges.
Since then, South Korean has carried out multiple investigations and raids on the Terra Network in the country. Surprisingly, Do Kwon had shut down Terra Network’s headquarters and other branches in South Korea prior to the crash.
Do Kwon’s on the Run
Throughout the investigation, Do Kwon kept claiming that he was facing no such issues from the South Korean authorities. However, it was revealed that the South Korean Police were after him as warrants were issued for his arrest.
Do Kwon was not found by the South Korean, meaning he was on the run and therefore, the local authorities got in touch with Interpol, requesting them to issue a Red Notice.
Turns out, Interpol has issued a Red Notice against Do Kwon, which means that they are going to search for him. While the notice is out, Do Kwon keeps claiming through his tweets that he is not on the run but does not want to share his location.
It is being claimed that Do Kwon is in Singapore but the local police did not find him there. For as long as Do Kwon remains on the run, he will continue causing a negative impact on the entire Terra Network.