South Korean prosecutors have reportedly issued arrest warrants for Do Kwon and five others. Prosecutors allege that Kwon and his co-defendants violated the country’s capital market laws. In addition to the arrest warrants, prosecutors are reportedly requesting an Interpol red notice for Terraform Labs’ chief executive officer.
Terraform Labs executives have been charged with violating South Korea’s Capital Markets Act
South Korean prosecutors have reportedly issued an arrest warrant for Do Kwon, co-founder and CEO of Terraform Labs. Prosecutors allege that Kwon and five other Terraform Labs affiliates, along with other charges, violated the country’s capital markets law.
Prosecutor Choi Sung-Guk of the Southern Seoul District Prosecutor’s Office was quoted in areportby Forkast News confirming the issuance of the arrest warrant. However, according to the report, Sung-kook was not drawn into revealing other charges filed against Kwon and his partner.
Since the spectacular collapse of the cryptocurrency LUNA (now LUNC) and the once-stable Coin UST (now USTC), South Korean prosecutors have been investigating Kwon and his associates. However, no arrest warrants have ever been issued against the CEO of Terraform Labs and its affiliates.
Interpol Red Notice
Meanwhile, a report in Nikkei Asia magazinequoted an unnamed “prosecution spokesman”as saying that it had also confirmed the issuance of arrest warrants against six people.
“Arrest warrants have been issued for a total of six people, including Do Kwon, who is currently in Singapore,” the spokesman said.
In addition to Kwon, Forkast News reports that Nicholas Platias, former head of research at Terraform Labs, and the CEO of Chai Corporation – known simply as “Han” – are also wanted.
In addition to the arrest warrants, South Korean prosecutors are reportedly seeking an International Criminal Police Organization red notice against Kwon.
The report that South Korean prosecutors had issued arrest warrants for Kwon and five others came just days after the price of Luna’s successor, LUNA 2.0, soared more than 200% in just 24 hours. However, as of this writing, the token’s U.S. dollar value has fallen from a high of $6.87 to $2.90.
Image credits: Shutterstock, Pixabay, Wiki Commons, Poetra.RH / Shutterstock.com}