South Korean prosecutors have reportedly issued an arrest warrant for Do Kwon and five others. Prosecutors allege Kwon and his co-defendants violated the country’s capital markets law. In addition to an arrest warrant, prosecutors are reportedly seeking an Interpol Red Notice for Terraform Labs’ CEO.
Terraform Labs executives were accused of violating South Korea’s capital market law
Prosecutors in South Korea have reportedly issued an arrest warrant for Terraform Labs co-founder and CEO Do Kwon. Kwon and five other Terraform Labs associates and other charges violated the nation’s capital markets law, prosecutors said in the indictment.
Choi Sung-kook, a prosecutor at the Seoul Southern District Prosecutor’s Office, was quoted in a report by Forecast News as confirming the issue of the arrest warrant. However, according to the report, Sung-kook will not be forthcoming in revealing the other charges against Kwon and his accomplices.
South Korean prosecutors have been investigating Kwon and his associates since the collapse of the iconic cryptocurrency LUNA (now LUNC) and the once-stable coin UST (now USTC). However, no arrest warrants have yet been issued against the Terraform Labs CEO and his associates.
Interpol Red Notice
Meanwhile, a report by Nikkei Asia quoted an unnamed “prosecutor’s spokesman” as confirming that arrest warrants had been issued for six people.
“Arrest warrants have been issued for a total of six people, including Do Kwon, who is currently living in Singapore,” the spokesman said.
In addition to Kwon, the Forecast News report also identified Nicholas Platias, the former head of research at Terraform Labs, and the CEO of Chai Corporation – known simply as “Han” – as the two most wanted individuals.
In addition to the arrest warrant, South Korean prosecutors are reportedly seeking an Interpol Red Notice for Kwon.
South Korean prosecutors issuing arrest warrants for Kwon and five others come days after LUNA 2.0 – the successor to Luna – surged more than 200% in 24 hours. However, at the time of writing, the token’s USD value has dropped from a high of $6.87 to $2.90.
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