Hunt for the disgraced Terra founder is gaining traction
Kwon has repeatedly claimed on Twitter that he is not"on the run" but has declined to disclose his whereabouts for personal security reasons. Despite being charged with fraud, Kwon continues to deny wrongdoing and has dismissed the damning charges made against him as politically motivated.
The Terraform Labs founder made headlines in May 2022 when TerraUSD began breaking its peg to the U.S. Dollar. In virtually no time, the price of TerraUSD plummeted from $1 to 10 cents, while Luna fell from an all-time peak of $119.51 to zero. The collapse wiped out tens of billions of market capitalization in one week and worsened the already severe crypto market rout, resulting in the downfall of numerous digital-asset outfits. Terra's downfall kickstarted the crypto winter, which continues to plague the crypto industry.
As the hunt for Kwon heats up, the crypto world remains on edge as it continues to recover from a turbulent past year. The recent fall of crypto exchange FTX and the arrest of its founder, Sam Bankman-Fried, have only added to the industry's worries. With Kwon still on the run, the search for the crypto fugitive in Serbia continues.
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