South Korean court issues arrest warrant for Do Kwon

In Seoul, the capital of South Korea, a court issued an arrest warrant for Terraform Labs CEO Do Kwonand five other employees of the company. They were officially accused of violating the country’s legislation on financial capital markets. According to the prosecutor’s office, six of the defendants in the case are now in Singapore, and Do Kwon himself has not yet responded to the court order. However, the developer had hired a lawyer in South Korea even before the official charges were filed. We assume that Kwon is preparing for a long legal battle.

For TerraformLabs, an attempt to recover from the TerraUSD (UST) token crash in June 2022 ended in failure, with the LUNA 2.0 cryptocurrency token dropping in value by 85%. And in early July, law enforcement agencies in South Korea and the United States agreed to cooperate in the investigation of the Terra ecosystem’s collapse. Do Kwon and Terraform Labs are still subject to many lawsuits, with new accusations appearing almost every day. Some of the company’s employees are no longer able to leave South Korea.

It should be added that on September 3, a new token called «JailKwon» appeared in the cryptocurrency space, created in honor of TerraformLabs CEO Do Kwon. The team behind the project describes the token as a meme coin. The developers of JailKwon say that the project wants to shed light on what happened during the Terra collapse. «Whenever you see or hear the name Do Kwon, LUNA, or LUNC, the JailKwon token will be nearby,» the developers said.