A South Korean court docket has ordered the arrest of Do Kwon, CEO of Terraform Labs, the corporate behind the cryptocurrency LUNA and UST challenge. In keeping with reviews, arrest warrants have been issued for Kwon and 5 others.
In keeping with Bloomberg, the Seoul Metropolis Court docket has issued an arrest warrant for Mr. Do Kwon, CEO of Terraform Labs, and 5 different individuals for allegedly violating funding capital market laws.
As a result of Do Kwon was on the heart of the largest crypto crash in historical past, wiping out the $60 billion market capitalization of LUNA and stablecoin UST in Could. The warrant was issued only a few months after the Terra ecosystem and its stablecoin crashed, inflicting a big ripple impact within the crypto markets.
The autumn has prompted a number of nations to think about stablecoin guidelines, in addition to a number of bankruptcies, together with that of the high-profile crypto hedge fund Three Arrows Capital (3AC). Kwon acknowledged in his first public interview final month that he’s cooperating with authorities.
By the point the information was introduced, each LUNC and LUNA had been down sharply.
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