Reports surfaced on Friday that Terra (LUNA2) founder Do Kwon was allegedly withdrawing $80 million a month before the project crashed, prompting community members to voice their opinion on the matter.

- Advertisement -

In a tweet, crypto trader and analyst Mikael van de Poppe said that Kwon deserves jail time. He compared the CEO of Terraform Labs to notorious scammer Bernie Madoff. “Honestly, he deserves jail,” Van de Poppe wrote.

- Advertisement -

Twitter user DaisiObanla also agreed with Van de Poppe. DaisiObanla said he wants to hear the news that Kwon has been sentenced to 150 years in prison without parole. Moreover, the footballer Nicolas Boulet also intervened, writing that the CEO of Terra “should feel the wrath of society.”

- Advertisement -

While many call for imprisonment, some disagree with this view. President Bodhi tweeted that they disagree, saying “nobody puts casino owners in jail”, implying that investing in the asset was gambling. Following this on Twitter, Druid Andrew also stated that Kwon did not do anything that would violate the penal code.

Court of Appeal Rules Do Kwon and Terraform Labs Should Heed SEC Subpoena Filed in September

South Korean authorities have also launched an investigation into Terraform Labs and its employees for alleged bitcoin (BTC) theft. Through cooperation with the exchange platform, the authorities were able to freeze these funds. The investigation was launched after the police received a tip from an informant who worked for the firm.

Amid the Terra fiasco, South Korea’s ruling party has announced plans to form a digital asset committee to act as the cryptocurrency’s watchdog. The organization will prepare the policy and oversee the industry until the creation of a government body dealing with cryptography.