Korean Court Issues Arrest Warrant for Terra Founder Do Kwon

Sept 14,2022
KingData News: A South Korean court has issued an arrest warrant for Do Kwon, the co-founder of Terraform Labs, now based in Singapore, and a core member of the company, mainly on charges of violating the Capital Markets Act, according to Chosun Ilbo. The arrest warrant is valid for one year, and the prosecution plans to pursue the arrest through measures such as Interpol Red Notices and passport invalidation.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.