Prosecutors in South Korea have reportedly issued warrants for the arrest of Do Kwon and five others. Prosecutors allege that Kwon and his co-accused have violated the country’s capital markets law. In addition to the arrest warrant, prosecutors will reportedly request an Interpol Red Notice for the CEO of TerraForm Labs.
Terraform Labs executives accused of violating South Korean capital markets law
Prosecutors in South Korea have reportedly issued an arrest warrant for Do Kwon, the co-founder and CEO of TerraForm Labs. Prosecutors allege that Kwon and five other Terraform Labs affiliates violated the country’s capital markets law, among other charges.
Choi Sung-kook, a prosecutor at the Seoul Southern District Prosecutor’s Office, is quoted in a report by Forkast News as confirming the issuance of the arrest warrant. However, according to the report, Sung-kook will not be prepared to disclose the other charges leveled against Kwon and his associates.
Since the spectacular collapse of the cryptocurrency LUNA (now LUNC) and the once stable coin UST (now USTC), South Korean prosecutors are investigating Kwon and his associates. However, so far no arrest warrants have been issued against the CEO of TerraForm Labs and his associates.
Interpol Red Notice
Meanwhile, a report by Nikkei Asia quoting an unnamed “prosecutor’s spokesman” also confirmed the issuance of arrest warrants for six people.
“Arrest warrants have been issued for a total of six people, including Do Kwon, who is currently residing in Singapore,” the spokesperson was quoted as saying.
In addition to Kwon, the Forkast News report identified Nicolas Platias, former research head of Terraform Labs and the CEO of Chai Corporation — known as “Han” — as two other wanted individuals.
In addition to the arrest warrant, South Korean prosecutors reportedly said they would seek an Interpol Red Notice for Kwon.
The report by South Korean prosecutors issuing arrest warrants for Kwon and five others comes just days after the price of Luna 2.0 – Luna’s successor – increased by more than 200% in just 24 hours. However, at the time of writing, the US Dollar price of the coin has declined from the high of $6.87 to $2.90.
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