Do Kwon, the founder of the bankrupt Terraform Labs crypto ecosystem, has been issued an arrest warrant from a court in South Korea.
Do Kwon and five others have allegedly violated the nation's capital markets law and have been issued a warrant from the court in Seoul, the prosecutor’s office informed Bloomberg.
Kwon and the other five are all located in Singapore, Bloomberg reported citing the prosecutor's office. However, Kwon is yet to reply to an email sent by Bloomberg seeking comment.
Kwon's tokens, including Terra (LUNA) and Terra Classic (LUNC), collapsed massively after the arrest warrant was issued. LUNA was trading as low as $2.4964 at 3:55 PM HKT, down over 35.7%. Its market cap was down to over $347 million from over $555.12 million, while LUNC was trading at $0.0002716, down by over 22.3% during the Asia trading section, according to CoinMarketCap.
Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). It's now-renamed LUNC token collateralized UST,...
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