Do Kwon, the co-founder of Terraform Labs has just become the target of the Anonymous hacking group, which has vowed to expose his wrongdoings. The hacking group wants to hold him accountable for the crash of the TerraUSD (UST) stablecoin, along with the Terra (LUNA) token, which wiped out more than $60 billion from the cryptocurrency market.
Do Kwon could be a target
On Sunday, a video was published by the Anonymous hacking group in which they highlighted the offenses that the co-founder of Terraform Labs had committed. The list of offenses also includes the withdrawal of money from the network by Kwon not long before the crash had occurred.
The hacking group has accused the co-founder of the doomed stablecoin of making a withdrawal of about $80 million from Terra UST and LUNA on a monthly basis. The group went as far as exposing Do Kwon as being one of the developers who were behind yet another algorithmic stablecoin that had failed; Basis Cash. Kwon had used the pseudonym ‘Rick Sanchez’ for this purpose, but he was one of the developers of Basis Cash.
The Anonymous video stated that there was not anything that could be done for reversing the damage that Do Kwon had already done. The hacking group stated that all they could do at this point was hold the co-founder accountable for his actions and to bring him to justice as quickly as possible.
The hacking group not giving up
It was further disclosed by the hacking group in their video that Anonymous would also be looking into any contributions that Do Kwon had made in the crypto sector. The group claimed that they would dig into the co-founder’s history in the crypto space, as their goal was to expose every single one of their wrongdoings.
The group stated that they did not doubt that there were lots of other crimes that Do Kwon had also committed and they would find the trail. They also talked about the arrogant tactics that the Terra co-founder had used for undermining his critics and competitors.
The group has earned the reputation of being a hacktivist group, which is behind a number of cyberattacks that were launched against private institutions, governments as well as other agencies.
Do Kwon under investigation
The collapse of the TerraUSD (UST) stablecoin shook the cryptocurrency market and also drew the attention of many regulatory authorities around the world. There are a number of South Korean agencies that have launched an investigation into Terraform Labs. They are looking into the company for the role it may have played in Bitcoin embezzlement from the Treasury.
The country also decided to revive the unit named ‘Grim Reapers of Yeouido’, which was given the responsibility of probing the collapse of the UST stablecoin as well as the LUNA token. There are different regulatory agencies that are part of the unit and their aim is to investigate illegal and fraudulent trading activities. Authorities in South Korea have also subpoenaed Terraform Labs’ employees for determining the possibility of market manipulation.