America Securities and Alternate Fee’s latest submitting of fees in opposition to Terra and its founder, Do Kwon, has stunned many within the cryptocurrency world resulting from its delayed timing. The SEC has been actively cracking down on crypto-related companies for months, but it took near a yr for them to prosecute Kwon and his firm. The delay is especially puzzling on condition that Terra’s collapse precipitated thousands and thousands of buyers to lose their cash and sparked a extreme bear market that led to the failure of different cryptocurrency firms.

SEC’s Timing Arouses Suspicion 

On account of the SEC’s announcement, many are questioning the company’s intentions and whether or not it really prioritizes safeguarding U.S. buyers. 

Crypto influencer Bitboy Crypto has highlighted the suspicious timing of the prosecution. Moreover, the truth that the case solely focuses on half of the wrongdoing raises issues amongst those that anticipated the SEC to carry Terra accountable for all its actions.

Kwon’s Downfall 

In the meantime, Kwon has been in hiding for a number of months as authorities froze a whole bunch of thousands and thousands of {dollars} value of crypto that allegedly belonged to him. Kwon claims that the funds aren’t his and that he has no concept what they’re speaking about. Regardless of rumors that he’s on the run, Kwon has categorically denied them.

Earlier than Terra’s downfall, Kwon was well-known within the crypto world and thought to be a folks hero resulting from his sharp thoughts and charming character. Nonetheless, he was additionally criticized for his conceitedness and tendency to mock his friends and people he thought of “poor.”

In mild of the latest fees, officers from Korea at the moment are trying to find Kwon in Serbia. The crypto group continues to look at the scenario intently and questions the SEC’s actions.