• A South Korean court has issued an arrest warrant for Do Kwon

  • Four months after the collapse of the Terra ecosystem, its native Luna token, and its TerraUSD algorithmic stablecoin — which collectively wiped approximately $40 billion in value — a South Korean court issued an arrest warrant for Do Kwon, CEO of Terraform Labs.

    Chosun Ilbo, a South Korean daily, broke the story first. According to the article, the warrant was issued by the Seoul Southern District Prosecutors’ Office’s Joint Investigation Team on Financial Securities Crimes (headed by director Dan Sung-han) and the 2nd Division of Financial Investigation (headed by top prosecutor Chae Hee-man).

    According to the source, Kwon is presently believed to be in Singapore, and warrants have also been issued for the arrest of Nicholas Platias, another Terraform Labs founder, and Han Mo, another employee. They are accused of breaking the Capital Markets Act.

    According to the newspaper, the warrant is valid for one year, and prosecutors hope to collaborate with Interpol to carry out the arrests.

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