S. Korean Court Issues Arrest Warrant Against Terra Co-Founder Do Kwon: Report

S. Korean Court Issues Arrest Warrant Against Terra Co-Founder Do Kwon: Report
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S. Korean Court Issues Arrest Warrant Against Terra Co-Founder Do Kwon: Report

A South Korean court has issued an arrest warrant against the co-founder of the now defunct stablecoin issuer Terraform Labs , Do Kwon, according to a Bloomberg report.

The court in Seoul issued a warrant for Do Kwon and five others, according to a text message from the prosecutor’s office, the report added.

The warrant comes a few months after the Terra ecosystem and its stablecoin (UST) collapsed, which led to a massive ripple effect in the crypto markets.

The collapse also led to several countries looking at stablecoin regulations and several bankruptcies including high-profile crypto hedge fund Three Arrows Capital (3AC).

In his first public interview last month, Kwon had maintained that he is co-operating with the authorities.

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