South Korean court grants arrest warrant for Do Kwon

A South Korean court allowed the arrest of the co-founder of a defunct company issuing stablecoins. The court also issued arrest warrants for five other people connected to Kwon.

Yes, they decided to shut him down after all. That's what we learned from the financial crimes unit of the South Korean Supreme Prosecutor's Office.

According to the report, they are accused of violating the Capital Markets Act. While it surprised everyone, it's strange that the warrant was only issued 4 months after the collapse of Terraform Labs and their UST Stablecoin. And the company was worth an unimaginable $40 billion. 

This event began a whole domino among companies, followed by Terra: cryptocurrency lender Celsius Network and cryptocurrency broker Voyager Digital. Filed for bankruptcy as the value of digital assets dropped more than 50 percent from their highs. 

And many others either didn't make the news or haven't even had time to launch correctly. Singapore-based hedge fund Three Arrows Capital was another company that filed for bankruptcy after it was revealed how much exposure it had to the Terra network. 

Kwon also reiterated its commitment to the Terra ecosystem and its relaunched Terra token (LUNA). In the last hour, the token has fallen 16.7%. Although even recently, their LUNC token was plummeting like never before.