South Korean court orders arrest of developer of failed crypto Luna

Cryptocurrency logos and price percentage movements on an electronic screen inside a cryptocurrency exchange in Barcelona, Spain, on Sept 8, 2022. (Photo: Bloomberg)

SEOUL: A South Korean court has issued an arrest warrant for Do Kwon, the primary developer of failed cryptocurrency Luna and the founder of blockchain platform Terraform Labs.

"An arrest warrant has been issued for a total of six people, including Do Kwon, who are currently residing in Singapore," a spokesperson for prosecutors told Reuters on Wednesday.

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Kwon has been accused of fraud by investors after Luna's value fell to practically zero in May following the collapse of paired stablecoin TerraUSD's peg to the United States dollar.

Reuters could not immediately reach Kwon for comment.

Do Kwon, co-founder and chief executive officer of Terraform Labs, works on his laptop in the company's office in Seoul, South Korea, on April 14, 2022.

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