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A South Korean court has issued an arrest warrant for Terraform Labs founder Do Kwon following the collapse of cryptocurrency Terra (LUNA) and algorithmic stablecoin TerraUSD (UST).
Prosecutor’s Office cites Bloomberg information report That warrant was issued to Kwon and five other people charged with violating the country’s capital market laws.
All six defendants are in Singapore.
South Korean authorities are considering criminal charges against Kwon following the historic crash that resulted in nearly $40 billion in losses.
In anticipation of facing numerous cases, the troubled executive hired a lawyer last month and submitted a letter of appointment to the attorney at the Seoul Southern District Public Prosecutor’s Office tasked with investigating him.
Before Terra and Kwon went bankrupt, LUNA was one of the largest crypto assets by market cap.
After trading near all-time highs of $120 in April, Terra plummeted to near zero in May. The dollar peg of the stablecoin TerraUSD also fell.
Terra’s crash comes in the middle of a crypto winter when Bitcoin (BTC) plummeted from November’s record high of $67,549 to below $20,000. At the time of writing, King Coin is trading at $20,145.
At the time of writing, there are no reports that Kwon has received a warrant.
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