Home CryptocurrencyAltcoin South Korea has issued an arrest warrant for the founder of Terra Do Kwon

South Korea has issued an arrest warrant for the founder of Terra Do Kwon

by SuperiorInvest

While the LUNC community rejoices because potential return for the Terra Luna Classic (LUNC) token, Terraform Labs founder Do Kwon is now facing an arrest warrant from South Korean authorities.

The court is said to be located in Seoul released an arrest warrant for Kwon and five other people, all of whom are currently in Singapore. The founder of Terra faces charges of violating the country’s capital markets law, according to prosecutors in South Korea.

In May, what the Terra community first suspected of a FUD attack became one of the most devastating market crashes in cryptocurrency history that it triggered loss of millions of assets from investors Terra USD (UST) — now renamed Terra Classic USD (USTC) — and Terra (LUNA), which is also renamed Terra Luna Classic (LUNC). The UST stablecoin began to move away from its dollar peg, falling to an all-time low of $0.006 in June.

In addition to UST, LUNA, an asset that peaked at $119.18 in April, fell massively to an all-time low of $0.0000009, causing suicide. hot lines be pinned on the Reddit project community.

The Terra crash also affected various decentralized finance (DeFi) protocols, leading to an 80% or more drop in projects that were associated with stablecoins.

Related: Exchanges criticized for “nicburger PR” posts about LUNC’s upcoming tax burn

On August 17, Kwon hired lawyers from a South Korea-based law firm just days after he said authorities had yet to get to him. According to the report, the founder of Terra delivered the letter of appointment in the department responsible for investigating the collapse of Terra.

The founder of Terra also broke his silence on August 16 in an try to clear your name on various charges. However, despite Kwon’s efforts, community members still criticized Terra’s CEO, comparing his situation to the creator of Tornado Cash, who was arrested for writing privacy code.

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