South Korea Issues an Arrest Warrant for Terraform Labs CEO

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A Korean court from Seoul has issued an arrest warrant for Terraform Labs CEO Do Kwon and five others for violating South Korea’s capital markets laws.

According to the prosecutor’s office, six defendants are in Singapore.

The collapse of the Terra ecosystem had serious implications for the cryptocurrency market as a whole. The depreciation of the tokens LUNA and UST has caused significant damage to Anchor Protocol users.

The incident also affected the solvency of large industry players, including Celsius and hedge fund Three Arrows Capital.

The situation around the project has attracted the attention of South Korean regulators and they have now decided to make a move and issue the above-mentioned arrest warrant.