Korean Prosecutors Issue Arrest Warrant for a Terraform Employee for Alleged Fraudulent Trading and Price Fixing

Oct 08,2022
KingData News: Korean prosecutors have filed a warrant for the arrest of a Terraform Labs employee who was Do Kwon's main assistant on charges of fraudulent trading and price fixing, according to JTBC.
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.