The Seoul District Court has issued a warrant for the arrest of Terra founder Do Kwon and five other individuals it reports Bloomberg. Kwon has been accused of violating capital market rules, according to the report.
The arrest warrant comes after several Terraform Labs employees were banned from leaving South Korea in June during an investigation into the Terra project implosion.
In his first extended interview since Terra’s collapse, Do Kwon dismissed the idea that the UST stablecoin was a scam. Also, he said it was working as intended until it suddenly stopped functioning. He never thought such a collapse could have happened, he said.
The controversial entrepreneur said he was determined to stay in the crypto industry for years to come and work on the new Terra project. This despite possible imprisonment.
After Terra’s collapse in May, “Black Swan” author Nassim Taleb called for Kwon to be put behind bars to prevent him from launching any more scams.