Technology

South Korea calls for arrests in ‘crypto king’ case

A South Korean court has issued an arrest warrant for Do Kwon. The crypto community holds this person responsible for the recent crash in the digital currency markets.

Do Kwon is the co-founder and CEO of Terraform Labs, the company behind the Terra Luna and TerraUSD cryptocurrencies. In May last year, the cost of Terra Luna fell by at least 99%. Its sister currency TerraUSD, the so-called “stablecoin”, also collapsed, which was basically impossible. Stablecoins do tie their value to a fairly stable currency, in this case the dollar, and try to hold on to it by buying and selling other commodities.

The spectacular crash also caused digital exchanges to become unsettled and several currencies to drop, including well-known ones such as bitcoin. Most cryptocurrencies have not yet emerged from this crypto depression.

According to South Korean justice, Terraform Labs violated the rules in force in the financial markets. Kwon, however, is reportedly based in Singapore, where his business is based. However, this country does not have an extradition agreement with South Korea. In addition to Kwon, Korean justice would like to arrest five more defendants in this case.

Do Kwon is the co-founder and CEO of Terraform Labs, the company behind the Terra Luna and TerraUSD cryptocurrencies. In May last year, the cost of Terra Luna fell by at least 99%. Its sister currency TerraUSD, the so-called “stablecoin”, also collapsed, which was basically impossible. Stablecoins effectively tie their value to a fairly stable currency, in this case the dollar, and try to hold onto it by buying and selling other assets, digital exchanges, and the fall of several currencies, including big names like bitcoin. Most cryptocurrencies never got out of this crypto depression. According to South Korean justice, Terraform Labs violated current rules in the financial markets. Kwon, however, is reportedly based in Singapore, where his business is based. However, this country does not have an extradition agreement with South Korea. In addition to Kwon, Korean justice would like to arrest five more defendants in this case.

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