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South Korean court orders arrest of S'pore-based developer of failed cryptocurrency Luna

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SEOUL — A South Korean court has issued an arrest warrant for Do Kwon, the primary developer of cryptocurrencies Luna and TerraUSD, whose spectacular collapse in May roiled crypto markets around the world.

Kwon, also the founder of blockchain platform Terraform Labs, has been accused of fraud by investors in the wake of the collapse.

TerraUSD, a so-called stablecoin that was once among the top 10 cryptocurrencies globally by market value, broke its 1:1 peg to the US dollar in May, plunging in value and sending paired token Luna plummetting with it.

 

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South Korea seeks arrest of Terraform Labs founder, 'crypto king' Do KwonDo Kwon had about $56 billion when his cryptocurrency racket unravelled. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »