Do Kwon, the founder of Terra Luna, is on the run as the warrant is issued NFT Culture | Web3 Culture NFT and Crypto Art | Platforms and projects

Do Kwon, Inventor of Cryptocurrency, Terra Luna, S. A warrant has been issued by Korea and is being pursued by Interpol

Terra Luna was previously seen as a darling currency by many, a currency alternative to the USDC that was pegged to the USD. Unfortunately, the coin became unstable in May causing the price to plunge. When people started dumping terra en masse, the value of terra dropped to about Jio. Blockchain analytics firm Elliptic estimated that investors lost an estimated $42 billion in the two coins.

Its fall left crypto markets volatile for months, as analysts believe Terra’s collapse contributed to the subsequent collapse of Celsius Banking Group and Three Arrows Capital hedge funds, which left them with billions of dollars worth of unpaid debt.

The results have finally seen a South Korean court issue arrest warrants for Do Kwon, the primary developer of Luna and TerraUSD, whose spectacular collapse has rattled markets around the world.

Many crypto investors lost their life savings in the recent cryptocurrency market crash. Some wondered if Terra-Luna was a Ponzi scheme from the start. Terra-Luna’s founder, Do Kwon, who has a flamboyant personality on social media, suddenly went quiet after the recent cryptocurrency market crash, emerging a few weeks later with plans for a new token called Luna 2.0, which he says will save it. failed project.

Although the original TerraLuna’s market capitalization was once calculated in the billions, its market capitalization has mostly remained below $300 million, although it has seen an unexpected increase above $800 million over the past few days. Some people claim it’s due to new rules set by Terraform Labs, but others believe it could be a calculated pumping by Terraform or DoKwon himself.

On Wednesday, a representative of South Korean prosecutors said an “arraignment warrant” had been issued for six people, including Do Kwon, who currently lives in Singapore.

He said in his first public interview in August that he left South Korea out of fear for his family’s safety after an alleged assassination attempt against him.

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