The court in Seoul issued a warrant for Do Kwon and five others on allegations that include violations of the nation’s capital markets law, according to a text message from the prosecutor’s office.
He found himself at the center of one of crypto’s biggest blowups when TerraUSD, also known as UST, crumbled from its dollar peg and brought down the ecosystem he had built. The collapse in May shook faith in the digital-asset sector, which has yet to recover much of the losses. After the crash Do Kwon moved on to create a new version of Luna. The price of the new token fell as much as 45% to $2.40 following news of the warrant, according to data from CoinGecko. The coin’s market cap fell 42% to $413.2 million.
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