World Crypto Global
Arrest Warrant Issued for Terraform Founder Do Kwon in South Korea... But He's Not There..
South Korea has issued a warrant for the arrest of Do Kwon, the controversial founder of Terraform Labs.
Four months have passed since the Terra blockchain's stunning failure that brought down their tokens LUNA and UST, a stablecoin.
The sell-off spilled over into other coins as those who just lost big on Terra tokens looked to secure what they had left, selling any other potentially volatile assets - this was then seen by traders who didn't lose a penny in LUNA or UST, and many of them joined in the sell off as well.
One Problem - He's Not There...
South Korea issued the warrant, but we've been told by several people who would know - Do Kwon is in Singapore.
There's no indication he's trying to evade arrest, but those usually able to reach him are (at least claiming) they have not been able to, and he's not returning calls, emails, or text messages.
We're also hearing that South Korea is preventing potential witnesses from leaving the country...
Terraform Labs staff members names have been added to South Korea's 'no fly list'.
Officials report that a judge also issued arrest warrants for five additional individuals on the basis that they violated a law controlling South Korean financial markets, with these coming on the same day, speculation is that the additional people somehow work with or for Terraform.
Both the United States and South Korea have active investigations regarding Terra's failure, and the collapse of UST has been used as an example of why there needs to be a greater emphasis on stablecoins stability.
Kwon was asked about potentially serving time in jail...
During an interview with Coinage that took place a month ago. The response he gave; "Life is long."
If that brings him comfort, there may be a bit of good news for Do Kwon in all this - I hear that in jail, every day seems longer!
-------
Author: Adam Lee
Asia News Desk / Breaking Crypto News
Subscribe to GCP in a reader
