The video states that he was also involved in the failed stablecoin project Basis Cash. Anonymous said that Kwon’s motives were wrong from the beginning and that his crimes should be exposed as soon as possible. The hackers group reported that Kwon was never held accountable for the Stablecoin Basis Cash failure because he built the project with a false identity ‘Rick Sanchez’. Anonymous said, “If Kwon doesn’t listen, nothing can be done to make up for the damage done on his part. The community can only hold him responsible at this stage and make sure he gets him as soon as possible.” be brought under the ambit of the law.”
Kwon is being investigated by South Korean regulators. Kwon recently said in an interview with the Wall Street Journal that he was shocked by the collapse of the TerraUST project. After the steep fall in the stablecoin Terra UST, there has been a demand to make regulations regarding the crypto segment in many countries. In this series, the Financial Regulator of South Korea, the Financial Supervisory Service (FSS), has decided to tighten the monitoring of virtual assets and analyze the risks associated with them.
The massive drop in stablecoin project Terra early last month had an impact on the entire crypto segment. It has been revamped as ‘Terra 2.0’ to compensate investors for the loss caused by this fall. Stablecoins are cryptocurrencies that attempt to link their market price to a reserve asset such as gold or common currencies. These are more commonly used for digital transactions that involve converting virtual assets into real assets. USD Coin, Tether and Binance USD are some of the popular stablecoins, which are pegged to the US Dollar. Stablecoin, a rapidly growing version of crypto, has emerged as a major medium of exchange.
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