South Korea Seeks The Arrest Of Terraform Labs Founder Do Kwon

Do Kwon, the creator of the Terraform Labs cryptocurrency ecosystem, whose $40 billion wipeout earlier this year prompted a global crypto panic, was handed an arrest warrant by a South Korean court. The arrest warrant is valid for one year, and prosecutors hope to work with Interpol to make the arrests. According to a text message from the prosecutor’s office, Do Kwon and five other people are wanted by the Seoul court on suspicion of breaking the country’s capital markets law. The warrant was issued a few months after the collapse of the Terra ecosystem and its stablecoin (UST), which had a significant impact on the cryptocurrency markets. The tumble has prompted numerous nations, including prominent cryptocurrency hedge fund Three Arrows Capital (3AC), to examine stablecoin regulations and bankruptcy. Do Kwon’s Appearance After Terra Collapse The founder of Terra, Do Kwon, gave his first interview last month after his cryptocurrency project saw a stunning fall in May that caused many people to lose their life savings and confidence in so-called stablecoins. “I’ve never thought about what could happen to me if this fails,” the Terraform Labs CEO said in an interview on the NFTV series Coinage with host Zack Guzman. In the interview, he acknowledged that his confidence now “looks crazy.” The Terraform Labs-developed token UST is an algorithmic stablecoin. It employs a sophisticated combination of code and Luna to stabilize the...