Reported by: Kyle Barr

South Korean police are currently on the hunt for Do Kwon (and other top people behind Terraform Labs) over allegations of fraud and tax evasion.

Bloomberg reported Wednesday that the Seoul Southern District Prosecutors Office has a warrant out for Do Kwon, the CEO of Terraform Labs, as well as five other heads of the company. The Korean Times cited prosecution officials saying that fellow Terraform founding member Nicholas Platias also had a warrant for his arrest.

Back in May the Terra/Luna crypto ecosystem crashed once the UST stablecoin became depegged from the U.S. dollar. The Terra and Luna cryptocurrencies that had a combined market cap of over $60 billion collapsed to near zero. Not even an influx of reserve crypto from the Luna Foundation was able to prop up its crumbling infrastructure.

Read full report: https://gizmodo.com/police-issue-arrest-warrant-for-crypto-ceo-do-kwon-1849534780/amp