“Just another day in crypto, innit?” said this guy on Reddit.
Do Kwon, the founder of Singapore-based Terraform Labs (TFL), the parent company of the stablecoin TerraUSD and cryptocurrency Luna that collapsed in May last year, wants a guy named Jimmy Le to “explain to the FBI” after claiming that “he rugged, bro.”
Kwon is facing legal pressure in Singapore, South Korea, and the US for his role in the Terra crash, which sent tremendous shockwaves across the entire crypto assets industry. While he denies that he is on the run, Kwon has been in hiding since his native South Korea issued a warrant for his arrest and alerted Interpol in September. Reports say that the TFL founder is currently in Serbia.
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READ: South Korea Asks To Put Terra Co-Founder On Red Notice, Do Kwon Says He’s “Not On The Run”
And speaking of rugging, the US Securities and Exchange Commission also found that he allegedly withdrew $80 million per month into secret wallets as “operating expense” in the months leading to the LUNA collapse.
TFL’s Jimmy Le problem goes back all the way to May last year when TFL, by mistake, airdropped 1,347,810.646 vesting LUNA to Le’s wallet. Le was supposed to return all of these back to TFL’s community pool, but the holder, after returning the liquid portion of the amount, decided it would be better to consult about the tax implications of the transfer first before returning the rest of it.
Le, who claims that contrary to what TFL is saying, he has been “actively working to resolve the issue with TFL,” has proposed a contingency measure in his desire to make sure that his a$$ is covered in the event of tax liabilities, and also to pay for for the resulting professional support, especially considering that his consultations with TFL’s legal counsel Dentons have been unproductive.
The holder claims that TFL has yet to respond to his offer. TFL, meanwhile, has deemed that Le’s “actions have reached the point of requiring disclosure to the community” and posted a thread with his name, Twitter handle, and their version of events.
As of this writing, the two parties have yet to arrive at a resolution, and Kwon is still in hiding.
Information for this story was found via Twitter, Reddit, and the other sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
