{"id":56618,"date":"2022-09-15T04:24:11","date_gmt":"2022-09-15T04:24:11","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/09\/15\/south-korea-cryptocrash-boss-faces-arrest-warrant\/"},"modified":"2022-09-15T04:24:11","modified_gmt":"2022-09-15T04:24:11","slug":"south-korea-cryptocrash-boss-faces-arrest-warrant","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/09\/15\/south-korea-cryptocrash-boss-faces-arrest-warrant\/","title":{"rendered":"South Korea ‘cryptocrash’ boss faces arrest warrant"},"content":{"rendered":"
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A South Korean court has issued an arrest warrant for Do Kwon, who co-founded the company behind cryptocurrencies Terra Luna and TerraUSD.<\/b><\/p>\n<\/div>\n

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Its spectacular collapse earlier this year spooked investors and caused major tokens to plummet in value.<\/p>\n<\/div>\n

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Prosecutors assume that Singapore-registered Terraform Labs violated capital market rules.<\/p>\n<\/div>\n

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Terra Luna lost 99% of its value in May, made worse by a drop in its sister token, TerraUSD.<\/p>\n<\/div>\n

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Mr Kwon did not immediately respond to a BBC request for comment on Thursday.<\/p>\n<\/div>\n

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    \n
  • “I got arrested for trying to confront the cryptocrash boss”<\/li>\n
  • How Gen Z is addicted to cryptocurrency and NFTs<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    A spokesman for South Korea’s prosecutors told the BBC arrest warrants had been issued for Kwon and five other people linked to the case. However, she declined to comment on how close authorities were to making the arrests.<\/p>\n<\/div>\n

    \n

    According to media reports, Mr. Kwon is said to be in Singapore, which has no extradition treaty with South Korea.<\/p>\n<\/div>\n

    \n

    Mr. Kwon said in a recent interview with crypto show Coinage that it was “kind of hard” to decide whether to return to South Korea.<\/p>\n<\/div>\n

    \n

    He also claimed to have “never been in contact with investigators”.<\/p>\n<\/div>\n

    \n

    Prosecutors plan to arrest and extradite Mr. Kwon from Singapore by canceling his passport and working with international police organization Interpol, the Financial Times reported.<\/p>\n<\/div>\n

    \n

    Neither Interpol nor Singapore Police responded to a BBC request for comment.<\/p>\n<\/div>\n

    \n

    The Terra Luna token fell from a peak above $100 (\u00a387) to $0.09 in mid-May.<\/p>\n<\/div>\n

    \n

    Its collapse was compounded and compounded by a decline in the value of TerraUSD, a so-called \u201cstablecoin.\u201d<\/p>\n<\/div>\n

    \n

    Companies behind stablecoins try to make sure they stay the same with assets including the US dollar. However, the value of TerraUSD dropped to $0.40.<\/p>\n<\/div>\n

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    The collapse of Terra triggered a sell-off in major cryptocurrencies like Bitcoin, Ethereum, and Tether.<\/p>\n<\/div>\n

    \n

    As a result, the term \u201ccryptocrash\u201d has been trending online.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    A South Korean court has issued an arrest warrant for Do Kwon, who co-founded the company behind cryptocurrencies Terra Luna and TerraUSD. Its spectacular collapse earlier this year spooked investors and caused major tokens to plummet in value. Prosecutors assume that Singapore-registered Terraform Labs violated capital market rules. Terra Luna lost 99% of its value […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-56618","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nSouth Korea 'cryptocrash' boss faces arrest warrant - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/09\/15\/south-korea-cryptocrash-boss-faces-arrest-warrant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea 'cryptocrash' boss faces arrest warrant\" \/>\n<meta property=\"og:description\" content=\"A South Korean court has issued an arrest warrant for Do Kwon, who co-founded the company behind cryptocurrencies Terra Luna and TerraUSD. 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