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South Korean Court Issues Arrest Warrant for Terra Co-Founder Do Kwon
The warrant also includes five others, according to a report.
A South Korean court has issued an arrest warrant against Do Kwon, the co-founder of the now defunct stablecoin issuer Terraform Labs, according to the financial crimes unit of the Supreme Prosecutors' Office.
The warrant included five additional individuals, Bloomberg News reported, citing a text message from the prosecutors' office. They are charged with violating the Capital Markets Act, the report said.
STORY CONTINUES BELOW
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The warrant comes four months after the collapse of the $40 billion Terra ecosystem and its algorithmic stablecoin (UST), which was the first domino to fall in this year's crypto winter.
The contagion that followed caused an industry-wide fallout, with crypto lender Celsius Network and crypto broker Voyager Digital filing for bankruptcy as the value of digital assets slumped by more than 50% from their highs.
Singapore-based hedge fund Three Arrows Capital was another firm that filed for bankruptcy after the extent of its exposure to the Terra network was exposed. The implosion of Three Arrows left a trail of troubled loans across the crypto industry, with billions being owed to creditors.
In his first public interview last month, Kwon had maintained that he is cooperating with authorities.
Terra didn't immediately respond to a request for comment.
Kwon also reiterated his commitment to the Terra ecosystem and its re-launched terra token (LUNA). The token has slumped by 16.7% over the past hour.
UPDATE (Sept. 14, 06:21 UTC): Add details of LUNA token price.
UPDATE (Sept. 14, 07:08 UTC): Add context throughout and sourcing from Financial Crimes Unit of the Supreme Prosecutors Office.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
Felix Im
Felix Im is the global editor at CoinDesk Korea. He is from Denver, Colorado, but now lives in Seoul. He stumbled into the job by happenstance but is now actually fascinated by the crypto world.
