According to analyst Michael van de Poppe, Terra founder Kwon deserves to go to prison, comparing Kwon to Ponzi schemer Bernie Madoff.
Community members reacted to reports that Terra’s creator Do Kwon took $80 million a month before the business went bankrupt on Friday, prompting them to express their views on the topic.
Michael van de Poppe, a crypto trader and analyst, stated in a tweet that Kwon deserves to be imprisoned for his crimes. He likened the CEO of Terraform Labs to the notorious Bernie Madoff crook. Van de Poppe stated, “Honestly, I think he should be in prison.
DaisiObanla, another Twitter user, agreed with Van de Poppe. Kwon’s sentence of 150 years in jail without the possibility of release is what DaisiObanla is eager to hear. “The Terra CEO has to face the community’s anger,” wrote football player Nicolas Boulay.
While many advocates for prison time, there are also many who disagree. “Nobody throws casino owners in prison,” President Bodhi tweeted, hinting that investing in the business was a risk. Druid Andrew, a Twitter user, also said that Kwon didn’t break the law in any way.
Terraform Labs and its employees are also being investigated in South Korea for the alleged theft of Bitcoin (BTC). Frozen money was made possible by an exchange platform’s collaboration with authorities. When the police got a tip from a worker at the company, they launched an inquiry.
According to South Korea’s governing party, a committee would be formed to oversee the cryptocurrency industry in the wake of the Terra crisis. Prior to the establishment of a government agency specialised in crypto, the group will draught regulations and monitor the business.
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