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.