South Korean Court Arrest Terra Co-Founder Do Kwon
A South Korean court has ordered the arrest of Do Kwon, CEO of Terraform Labs, the company behind the cryptocurrency LUNA and UST project. According to reports, arrest warrants have been issued for Kwon and five others.
According to Bloomberg, the Seoul City Court has issued an arrest warrant for Mr. Do Kwon, CEO of Terraform Labs, and five other people for allegedly violating investment capital market regulations.
Because Do Kwon was at the center of the biggest crypto crash in history, wiping out the $60 billion market capitalization of LUNA and stablecoin UST in May. The warrant was issued just a few months after the Terra ecosystem and its stablecoin crashed, causing a significant ripple effect in the crypto markets.
The fall has prompted several nations to consider stablecoin rules, as well as multiple bankruptcies, including that of the high-profile crypto hedge fund Three Arrows Capital (3AC). Kwon stated in his first public interview last month that he is cooperating with authorities.
By the time the news was announced, both LUNC and LUNA were down sharply.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Author
News
South Korean Court Arrest Terra Co-Founder Do Kwon
A South Korean court has ordered the arrest of Do Kwon, CEO of Terraform Labs, the company behind the cryptocurrency LUNA and UST project. According to reports, arrest warrants have been issued for Kwon and five others.
According to Bloomberg, the Seoul City Court has issued an arrest warrant for Mr. Do Kwon, CEO of Terraform Labs, and five other people for allegedly violating investment capital market regulations.
Because Do Kwon was at the center of the biggest crypto crash in history, wiping out the $60 billion market capitalization of LUNA and stablecoin UST in May. The warrant was issued just a few months after the Terra ecosystem and its stablecoin crashed, causing a significant ripple effect in the crypto markets.
The fall has prompted several nations to consider stablecoin rules, as well as multiple bankruptcies, including that of the high-profile crypto hedge fund Three Arrows Capital (3AC). Kwon stated in his first public interview last month that he is cooperating with authorities.
By the time the news was announced, both LUNC and LUNA were down sharply.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Other Posts
Related Posts
Latest
Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!
Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!
Press Release
The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!
Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance
