South Korean Prosecutors Issue Arrest Warrant for Terraform Labs CEO Do Kwon – Regulation Bitcoin News

South Korean prosecutors have issued an arrest warrant for Do Kwon, five others and other suspects. The prosecutors allege that Kwon and his co-accused violated the country’s capital markets law. The arrest warrant will be supplemented by an Interpol red Notice for Terraform Labs Chief Executive Officer.

Terraform Labs executives are accused of violating South Korean Capital Markets Law

According to reports, South Korean authorities have issued an arrest warrant against Do Kwon (Terraform Labs founder and chief executive officer). The prosecutors allege that Kwon and five other Terraform Labs affiliates, among other charges, violated the country’s capital markets law.

Choi Sung-kook, a prosecutor at the Seoul Southern District Prosecutors’ Office, is quoted in a report by Forkast News confirming the issue of the arrest warrant. According to the report, Sungkook will not reveal the additional charges against Kwon or his associates.

South Korean prosecutors began investigating Kwon, his associates and other people involved in the sudden collapse of the cryptocurrency LUNA. However, no arrest warrant has been issued for Kwon and his associates at Terraform Labs.

Interpol Red Notice

In the meantime, a report in Nikkei Asia quotes an unnamed “spokesperson for prosecutors” also confirming the issuing of an arrest warrant for six people.

“An arrest warrant has been issued for a total of six people, including Do Kwon, who is currently residing in Singapore,” the spokesperson is quoted saying.

Besides Kwon, the Forkast News report identified the former head of research at Terraform Labs, Nicholas Platias, and the CEO of Chai Corporation — simply known as “Han” — as the two other wanted individuals.

South Korean prosecutors also issued an arrest warrant and said that they would seek an Interpol red Notice for Kwon.

Reports of South Korean prosecutors issuing an arrest warrant for Kwon and five others come just days after the price of LUNA 2.0 — the successor to Luna — surged by more than 200% in just 24 hours. At the time of writing however, US dollar values for the token have dropped to $2.90, down from $6.87 at the peak.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.