South Korea Launches Manhunt For Do Kwon, The Founder Of Collapsed Stablecoin

According to Bloomberg News, South Korea has launched a manhunt for Do Kwon, the founder of the collapsed stablecoin UST, along with five additional people.

South Korea Launches Manhunt For Do Kwon, The Founder Of Collapsed Stablecoin 1

According to the Financial Crimes Unit of the Supreme Prosecutors Office, a South Korean court has issued an arrest warrant against Do Kwon, the co-founder of the now-defunct stablecoin issuer Terraform Labs, four months after the $40 billion Terra ecosystem and its algorithmic stablecoin (UST), which was the first domino to fall in this year’s crypto winter.

According to Bloomberg News, which cited a text message from the prosecutor’s office, the warrant also named five additional people.

South Korea Launches Manhunt For Do Kwon, The Founder Of Collapsed Stablecoin 2

Daniel Shin, a co-founder of Terraform Labs, had his home raided by South Korean prosecutors in July as part of an investigation into claims that illegal activity contributed to Terra’s downfall.

As we previously mentioned, Kwon has already been involved with another failed algorithmic stablecoin named “Basis Cash,” which launched on ethereum in 2020.

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In his first public interview, held last month, Kwon insisted that he is working with law enforcement and that, in spite of the extensive probe into the Terra collapse, the project was not a “fraud.”

“Life is long”, Kwon stated in an interview with crypto media start-up Coinage when asked about the possibility of going to jail.

A life sentence, however, is longer.

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