The South Korean authorities issued an arrest warrant against him.
The collapse of Terra's stablecoins USTC and terra classic (LUNC) resulted in a $40 billion crypto market wipeout.
More Trouble for Do Kwon?
According to reports, a court in Seoul issued a warrant for Do Kwon's arrest. The warrant, however, also includes the names of five additional persons. The reports added that the Terra Chief was charged with violating market regulations.
Earlier, CoinGabbar reported that Terra's founder hired attorneys from a local firm. This was done to prepare for the upcoming legal problems that might arise during the government's recently launched investigation.
As per reports, Korean investigators raided 15 cryptocurrency firms. While raids and seizures were also carried out on the offices of Terra executives and affiliates.
However, the arrest warrant specifies that all s ix people are in Singapore. Meanwhile, Do Kwon has not responded to the matter. Meanwhile, Do Kwon claimed in an interview that Korean authorities had not filed any charges against him.
The collapse of the global crypto market led by Terra Luna has stunned the market. More than $40 billion vanished from the market in a matter of days. Meanwhile, Terra's founder introduced a new token Terra LUNA shortly after the historic slump.
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