Do Kwon is the founder of the Terraform Labs cryptocurrency ecosystem and went bankrupt earlier this year.
On the afternoon of September 14, the Seoul Court issued arrest warrants for Do Kwon and five others for alleged violations of capital market laws.
The Seoul prosecutor’s office said all six individuals were in Singapore. Do Kwon has not yet responded to the press when asked to comment on the information.
In May of this year, the collapse of the stablecoin TerraUSD caused the Terraform Labs ecosystem to lose about $ 45 billion in just one week, and also led to many other cryptocurrencies plummeting in price during the past 4 months.
Before the TerraUSD shock, Do Kwon had a lot of fans. They call themselves Lunatics – inspired by the Luna coin, another coin in the Terraform Labs ecosystem that also collapsed a few months ago.
Not long ago, when asked about the possibility of jail time, Kwon told the press: “Life is long.”
In addition, Kwon also denied that Terra is a multi-level scam project. The 31-year-old businessman also identifies himself as one of the most damaged after the LUNA and TerraUSD crashes.
“My damage is limitless. Just imagine yourself as the founder of a rising company worth nearly $100 billion. After achieving such achievements, you will not think about failure. I never thought LUNA would collapse, this is too absurd,” Do Kwon stated.
Do Kwon made it to Forbes’ 30 Under 30 Asia list in 2019. Before the LUNA and TerraUSD collapsed, Do Kwon’s fortune was estimated at 10 billion USD by buybitcoinbank.
See also: Actor Bill Murray has just successfully called for nearly 5 billion cryptocurrencies for charity when hackers stole it