South Korea Issues Arrest Warrant for Do Kwon
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South Korea Issues Arrest Warrant for Do Kwon

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2 months ago

According to Bloomberg, a court has also issued arrest warrants for five others on allegations that they violated South Korea's capital markets law.

South Korea Issues Arrest Warrant for Do Kwon

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South Korea has issued an arrest warrant for Do Kwon, the embattled founder of Terraform Labs.

It comes four months after the Terra blockchain suffered a spectacular collapse — dragging LUNA and the UST stablecoin with it.

Countless investors lost billions of dollars as a result of their demise, and it also sent shockwaves through the wider crypto market.

According to Bloomberg, a court has also issued arrest warrants for five others on allegations that they violated South Korea's capital markets law.

It's understood that all six are based in Singapore at present.

Investigations into Terra's collapse have been taking place in the U.S. as well as South Korea, with UST's failure sparking newfound scrutiny of algorithmic stablecoins.

Kwon was asked how he felt about the prospect of jail time in an interview with Coinage last month, he replied by saying: "Life is long."

Prosecutors also raided the home of Daniel Shin, the co-founder of Terraform Labs, back in July — and Kwon said he felt "terrible" about it.

During the Coinage interview, Kwon was also asked why he hadn't gone back to South Korea.

"It's kind of hard to make that decision. We've never been in touch with the investigators, they've never charged us with anything."
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