Breaking: Arrest Warrant Out Against Do Kwon; Reports

Do Kwon, the founder of Terraform Labs has landed into big trouble as the South Korean government has issued an arrest against him. The collapse of Terra’s stablecoin USTC and Terra Classic LUNC resulted in a $40 billion wipeout from the crypto market.

More Trouble for Do Kwon?

Bloomberg reported that a court in Seoul issued a warrant against Do Kwon. However, the warrant also includes the names of five other people. The report suggests that the Terra Chief has been booked for violations of the market rules.

Earlier, Coingape reported that Terra’s founder went on to hire lawyers from a local firm. This was done in order to prepare for the upcoming legal troubles that rose during the recently launched investigation by the government.

As per reports, Korean prosecutors conducted searches over 15 crypto companies. While raids and seizures were also being done on the Terra executives’ and affiliates’ offices.

However, the arrest warrant shows that all six individuals are located in Singapore. Meanwhile, Do Kwon hasn’t replied to the matter.

The collapse of the global crypto industry led by Terra Luna has shocked the market. More than $40 billion just disappeared from the market within a few days. Meanwhile, Terra founder soon after the historic slump launched a new token Terra LUNA.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.