Do Kwon arrest

Arrest Warrant for Do Kwon Issued in South Korea

14.09.2022 16:18
by Sviatoslav Pinchuk
1 min read

According to Bloomberg, South Korean authorities have issued a warrant for the arrest of Do Kwon, the CEO of TerraForm Labs.

In May this year, Terra’s stablecoin UST and its sister coin LUNA crashed, losing $40 billion of investors’ money. One major consequence of this crash is the impact it had on bringing crypto winter upon the crypto industry. For instance, Bitcoin’s price greatly shrank from its $40,000 value in May, followed by the bankruptcy of prominent companies such as Celsius, Three Arrows Capital, and Voyager Digital.

For his part in the crash, Kwon claims that he then lost most of his own money, and that the crash wasn’t the result of fraud. Regardless, there’s been a class-action lawsuit filed against him in California, and now, a warrant for his arrest.

Officially, Kwon is wanted by South Korean law enforcement for violating capital market regulations. In addition, a warrant was issued for the arrest of five other individuals involved in the Terra crash, whose identity is currently unknown.

Author

  • Man who simply bought some BTC for domestic needs in 2014 and then forgot about it till 2017. The dude who got Etherium in 2017 by misclick and sold it in 2018 "just to try". Lost 1 Florida house in XEM in 2018, Sviatoslav finally decided to trade reasonably and now he is one of the most analytical and data-driven trader in Crypto Industry. Has Bachelor Degree of Chinese Interpreter and deep practical experience in competitive niches SEO.

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