Do Kwon Terra Singapore South Korea county Luna Stablecoin Altcoins regulation Do Kwon Terra Singapore South Korea county Luna

South Korean Financial Regulators Begin Terra Probes, Politician Calls for Kwon to Face Parliamentary Hearing

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The Terraform Labs mastermind Do Kwon (real name Kwon Do-hyeong) could be facing trouble from financial and law enforcement authorities in South Korea and Singapore as a torrid month for the Terra (LUNA) platform just keeps getting worse.Following reports that Kwon appears to have dissolved two domestic arms of his company as early as late April, the CEO is now facing up to a fresh headache – with South Korea’s top financial regulators on the warpath.Regulators claim that between 200,000 and 280,000 South Korean investors have been “affected” by the token’s dramatic fall from grace, Newsis reported.

The number of investors with LUNA holdings on South Korea’s four biggest domestic exchanges is estimated to be at least 170,000.To further compound the misery, all of the South Korean won-trading domestic exchanges have either delisted the Terraform-related coin or are in the process of doing so: Gopax closed all trading for LUNA and Terra KRT (KRT) on May 16, with the market-leading Upbit closing LUNA transactions on May 20.

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