A court in South Korea has issued an arrest warrant against Do Kwon and five others according to a recent report by Bloomberg.
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Do Kwon, Five Others Accused of Violating Capital Markets Rules
As per the report, the Terra Co-founder, Do Kwon, along with five others have been accused of violating the capital markets rules, an event that led to the escalation of the probe of the Terra ecosystem crash.
Following the news, LUNA, the Terra ecosystem native token plunged by more than 40%.
In May, TerraUSD and its entire ecosystem collapsed leading to investors losing billions of dollars in the event, since the crash of the Terra stablecoin (UST), investors have begun losing faith in the stablecoins available in the crypto markets, and since the event of TerraUSD crash, many stablecoins like HUSD and AUSD have depegged.
Crypto exchanges like Binance and Coinbase delisted the token and halted many trading pairs associated with the token.
In response to the event, Do Kwon said in an interview last month that prosecutors of South Korea have not been in contact with him and he is yet to be charged for anything.
“It’s kind of hard to make that decision, because we’ve never been in touch with the investigators. They’ve never charged us with anything.” said Kwon in the interview.
As part of the investigation into the Terra collapse, the home of Daniel Shin, a Terra Labs co-founder, was raided by South Korean prosecutors.
Do Kwon has also been informed by South Korean authorities to notify them whenever he returns to the country.
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