US files charges against Do Kwon

Just hours after Terra founder Do Kwon’s arrest in Montenegro was reported, U.S. prosecutors filed criminal charges against him.

Do Kwon is charged with conspiracy to defraud, commodity fraud, securities fraud, wire fraud and conspiracy to manipulate the market. American law enforcement plans to seek the extradition of the founder of Terra in the United States.

The statement emphasizes that Do Kwon has “made false and misleading statements for years,” both on television and on various social media accounts linked to Terraform Labs.

“Kwon agreed with accomplices to defraud buyers of cryptocurrencies issued by Terraform Labs. They deceived investors about the effectiveness of the algorithm, which allegedly ensured the stability of the UST price, and also manipulated the market,” US prosecutors say.

Interestingly, according to law enforcement, Do Kwon contacted representatives of an investment and trading firm in the US to help him “change the market price of UST.” Apparently, we are talking about the Jump Crypto company.

Yesterday, Do Kwon was arrested at the airport in the capital of Montenegro.

Source: Cryptocurrency

David

I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.