South Korea Issues Arrest Warrant for Terra CEO Do Kwon
According to lawsuits filed against Kwon and Terra affiliates, prosecutors had been reviewing the Terra-LUNA collapse on fraud charges, when TerraUSD, also known as UST, crashed from its dollar peg and brought down the Luna ecosystem.
The court in Seoul issued a warrant for Do Kwon and five others on allegations that include a violation of the capital markets law, all six individuals are believed to be currently residing in Singapore.
According to lawsuits filed against Kwon and Terra affiliates, prosecutors had been reviewing the Terra-LUNA collapse on fraud charges, when TerraUSD, also known as UST, crashed from its dollar peg and brought down the Luna ecosystem.
The prosecutors will send their information to Interpol red notice which asks law enforcement worldwide to locate and arrest an individual in order to get hold of Kwon, who is currently residing in Singapore, the warrants are valid for one year.
According to a report by Bloomberg: Terra’s unraveling triggered investigations in South Korea and the US, as well as renewed regulatory scrutiny of stablecoins – digital tokens that are pegged to an asset like the dollar. Stablecoins are a popular vehicle for investors seeking to park cash away from more volatile coins, and they make it easier to move funds onto crypto exchanges.
