.stablekwon is a wanted man. A South Korean court has issued an arrest warrant against five individuals, including the co-founder of the now defunct stablecoin issuer Terraform Labs. They are charged with violating the Capital Markets Act.
A South Korean court has issued an arrest warrant against Do Kwon, the co-founder of the now defunct stablecoin issuer Terraform Labs, according to the financial crimes unit of the Supreme Prosecutors' Office.reported, citing a text message from the prosecutors' office. They are charged with violating the Capital Markets Act, the report said.and its algorithmic stablecoin , which was the first domino to fall in this year's crypto winter.
The contagion that followed caused an industry-wide fallout, with crypto lender Celsius Network and crypto broker Voyager Digital filing for bankruptcy as the value of digital assets slumped by more than 50% from their highs.after the extent of its exposure to the Terra network was exposed. The implosion of Three Arrows left a trail of troubled loans across the crypto industry, with billions being owed to creditors.Terra didn't immediately respond to a request for comment.
Kwon also reiterated his commitment to the Terra ecosystem and its re-launched terra token . The token has slumped by 16.7% over the past hour.: Add context throughout and sourcing from Financial Crimes Unit of the Supreme Prosecutors Office.
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