What do you know about Terra?
Terra is a cryptocurrency platform that allows users to conduct transactions directly with each other using smart contracts. The company was founded in 2018 by Do Kwon and Daniel Shu.
Charges of forgery of documents
However, Kwon was recently charged with forgery. According to the police, Do Kwon changed the date of his departure from the United States to Vietnam in one of the documents to avoid paying taxes in the United States.
Consequences for the company and the co-founder
Currently, Do Kwon is subject to travel restrictions and cannot sell part of his stake in the company. If found guilty, he faces up to 20 years in prison.
Feedback from Terra’s founders
Terra’s founders expressed their disappointment in Do Kwon’s behavior, but stated that the company continues to operate and grow. They emphasized that Terra is a decentralized platform, and none of the founders has control over its operation.
The accusation of forgery was unpleasant for Terra’s founders and led to restrictions for one of the co-founders. However, the company continues to operate because one of the advantages of decentralized cryptocurrency platforms like Terra is their independence from any individual or organization. The charges against one of the co-founders may not have a significant impact on the company’s operations.