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South Korean Court Issues Arrest Warrant for Terra Co-Founder Do Kwon
South Korean Court has issued an arrest warrant for Do Kwon. He is the CEO of Terraform labs, the creators of Terra, UST and LUNA. UST and LUNA’s collapse wiped out $45 billion in a week, the biggest crash in crypto history.
A South Korean court has issued an arrest warrant against Do Kwon, the co-founder of the now defunct stablecoin issuer Terraform Labs, according to the financial crimes unit of the Supreme Prosecutors’ Office.
The warrant included five additional individuals, Bloomberg News reported, citing a text message from the prosecutors’ office. They are charged with violating the Capital Markets Act, the report said.
The warrant comes four months after the collapse of the $40 billion Terra ecosystem and its algorithmic stablecoin (UST), which was the first domino to fall in this year’s crypto winter.