Analyst Michaël van de Poppe compared Kwon to fraudster Bernie Madoff, who was jailed after running a Ponzi scheme and said that the Terra founder deserves jail.
Reports that Terra (the new LUNA orLUNA2) founder Do Kwon allegedly withdrew $80 million monthly before the project crashed surfaced Friday, leading community members to voice their opinions on the matter.
Crypto trader and analyst Michaël van de Poppe tweeted that Kwon deserves imprisonment. He compared the Terraform Labs CEO to the notorious fraudster Bernie Madoff. “Honestly, he deserves jail,” Van de Poppe wrote.
Another Twitter user, DaisiObanla, also approved of Van de Poppe. According to DaisiObanla, he wants to hear the news that Kwon is condemned to 150 years in prison without any parole. Furthermore, football player Nicolas Boulay also peeled in, writing that the Terra executive “needs to feel the wrath of the community.”
Although there are many who call for jail time, some disagree with the mawkishness. President Bodhi tweeted that they disagree, saying that “nobody puts casino owners in jail,” suggesting that investing in the asset was a gamble. Following this, Twitter Druid Andrew also said that Kwon didn’t do anything that disrupts the criminal code.
Authorities in South Korea have also started to inspect Terraform Labs and its workers for a supposed Bitcoin (BTC) embezzlement. With the cooperation of an exchange platform, the authorities were able to freeze the funds in question. The investigation was started after the police received a tip from an informer who worked in the firm.
Amid the Terra debacle, South Korea’s ruling party exposed plans to form a digital asset committee that will become crypto’s overseer. The organization will prepare policies and supervise the industry before forming a government entity dedicated to crypto.
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