South Korea Released Arrest Warrant Against Terra Founder Do Kwon

by in Cryptocurrency News

Do Kwon arrest warrant

A South Korean court released an arrest warrant against Terraform Labs co-founder Do Kwon, according to the Financial Crimes Unit of the Supreme Prosecutors Office.

Related: Terra developers will launch a new network instead of a hard fork

Bloomberg published a report citing an official message, which reveals the warrant included five other individuals who are accused of breaking the Capital Market Law. Terra Luna collapsed in May when the UST stablecoin lost its peg to the US dollar.

Currently, Kwon and five other individuals are located in Singapore, the prosecutor's office said.

Last month, Kwon said he didn’t have any plans to return to South Korea, adding that he had been partnering with authorities. If he and other accused persons don’t meet the request of Korean authorities, the court may issue an extradition order.

In May, authorities announced an investigation of Terraform Labs to find out whether the company manipulated the price of Luna.