'Do Kwon To Be Brought To Justice,' Says Anonymous, Hacker Collective

Zinger Key Points
  • Anonymous pledges to bring Do Kwon to justice and hold him accountable for the billions lost in Terra's crash.
  • Joining governments worldwide, the hacker collective looks to bring justice for investors.

Anonymous, the infamous hacker collective, has pledged to join the investigation into Do Kwon now being undertaken by governments to hold the Terra LUNA/USD founder accountable for his actions.

What Happened: In a video uploaded by Anonymous on its official YouTube website, the group pledged to act effectively to have Kwon's alleged offenses prosecuted.

In the video, Anonymous made a plethora of accusations against Kwon, including that he stole billions of dollars from Terraform Labs prior to the ecosystem falling apart. It further stated he was engaged in the abandoned stablecoin project Basis Cash.

Anonymous has formerly supported other global-scale issues, such as their aid provided to Ukraine in the Russia-Ukraine war, vowing to undertake cyberattacks against Vladimir Putin.

Why It’s Important: The ill-famed crash of Terra was caused by the de-peg of algorithmic stablecoin UST UST/USD. The de-peg caused investors across the world to lose more than $60 billion as Terra’s token went virtually to zero in a timespan of days.

News following this black swan event revealed employees of Terraform Labs had prior information about UST’s inevitable failure and warned Kwon of this. Despite warnings, Kwon continued to promise 18% returns on UST’s Anchor program, which caused the large-scale de-peg, causing a loss of billions.

The large-scale losses experienced by investors caused major Terra and UST holders to lose large percentages of their net worth and suffer severe personal hardships. Governments and groups such as Anonymous have globally been in pursuit of Do Kwon, seeking to hold him accountable and bring justice to investors who suffered worldwide.

See Also: Investors Sue Terra Founder Do Kwon: What You Need To Know

Photo: Artem Oleshko via Shutterstock

Posted In: CryptocurrencyNewsTop StoriesMarketsAnonymousDo KwonhackersTerra