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- A court in South Korea recently issue arrest warrants for Terraform Labs founder Do Kwon and five others, Bloomberg reported. The arrest warrants were issued in relation to a violation of the country’s capital market rules.
- Do Kwon was the public face behind the Terra LUNA ecosystem and became a target for many angered investors after USDT, the blockchain’s stablecoin lost its peg to the US dollar and lost almost its entire value.
- A lot of investors in South Korea were impacted by LUNA’s implosion and the government started an investigation into the matter. The arrest warrant comes as the government seeks to prosecute Kwon and others for several charges.
- Terra LUNA, the new token launched by Terraforms Labs, took a hit and dropped by as much as 36% on the news.
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This is a developing story and would be updated as details emerge.
The post LUNA Drops 36% as Arrest Warrant Issued for Do Kwon and 5 Others appeared first on Tokenist.
