South Korea

South Korea court orders arrest of developer of failed cryptocurrency Luna

Reuters
South Korea court orders arrest of developer of failed cryptocurrency Luna
'An arrest warrant has been issued for a total of six people, including Do Kwon, who are currently residing in Singapore,' a spokesperson for prosecutors says.

SEOUL, South Korea – A South Korean court has issued an arrest warrant for Do Kwon, the primary developer of failed cryptocurrency Luna and the founder of blockchain platform Terraform Labs.

“An arrest warrant has been issued for a total of six people, including Do Kwon, who are currently residing in Singapore,” a spokesperson for prosecutors told Reuters.

Kwon has been accused of fraud by investors after Luna’s value fell to practically zero in May following the collapse of paired stablecoin TerraUSD’s peg to the US dollar.

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Reuters could not immediately reach Kwon for comment. – Rappler.com

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