Arrest Warrant for Terraform Labs Founder

Arrest Warrant for Terraform Labs Founder

Share this article

Jonathan
Jonathan

An editor at Coincrop


15 Sept 2022 | 2 min read
13,178 views

A

fter months of investigating the notorious $40 billion Terra LUNA crash in May, South Korean authorities have issued an arrest warrant for Do Kwon, the controversial co-founder and CEO of Terraform Labs. 

Following the catastrophic collapse of the Terra ecosystem, which costed over $40 billion from the cryptocurrency sector, South Korean authorities opened an inquiry against Terraform. 

After a group of investors who collectively lost 1.4 billion won (approximately $1.11 million) filed criminal charges against Kwon and his business partner Daniel Shin for fraud and other financial regulations violations, an investigation was launched. 

Furthermore, the probe was to determine if there had been any price manipulation and whether or not LUNA and UST (now LUNC and USTC) went through the right channels before being listed.


Jonathan

Jonathan

An editor at Coincrop
View articles

Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


Our sponsor

CoinLoan combine the best of traditional and novel finance helping you borrow, swap and grow your assets.

Compare over 40,509 CeFi and DeFi products across more than 207 organizations here