South Korea wants Luna’s creator imprisoned

South Korea is looking to place the developer of the unsuccessful cryptocurrency Luna behind bars:

Do Kwon, the key developer of the cryptocurrencies Luna and TerraUSD, has been given an arrest warrant by a court in South Korea. The stunning collapse of both of these cryptocurrencies in May roiled cryptocurrency markets all over the world.

In the aftermath of the collapse, investors have accused Kwon. He is also the founder of the blockchain platform Terraform Labs, of engaging in fraudulent activity.

An arrest warrant has been issued for a total of six people:

A spokeswoman for the prosecution stated on Wednesday that an arrest warrant has been issued for a total of six people. One of whom is Do Kwon, who is now residing in Singapore. The spokesperson did not elaborate on the cause of the warrant’s issuance.

Reuters sent an email, seeking comment but was not met with an immediate response from Kwon. A request for comment was also sent to the Singapore Police Force. However, they did not immediately react to the request.

The arrest warrant was issued after several months of inquiry. Consequently, it comes at a time when there is widespread anger in South Korea over the collapse. According to blockchain analytics company Elliptic, investors in both cryptocurrencies collectively suffered losses. They anticipated totaling $42 billion.

Once among the top 10 cryptocurrencies, TerraUSD lost its value:

TerraUSD, is a so-called stablecoin that was once among the top 10 cryptocurrencies globally by market value. Now it lost its 1:1 peg to the United States dollar in the month of May, causing its value to plummet and sending the value of the paired token Luna plummeting along with it. TerraUSD was once among the top 10 cryptocurrencies globally by market value. TerraUSD’s value, in contrast to that of the vast majority of other major stablecoins, is obtained from other assets through the use of complicated mathematical processes.

The subsequent market instability was responsible for the demise of numerous significant cryptocurrency enterprises. It includes the United States-based crypto lender Celsius and the Singapore-based crypto fund manager Three Arrows Capital.

Concerns about the safety of his family by Cryptocurrency Luna creator, Kwon:

Kwon stated in a video interview conducted in August by the cryptocurrency media platform Coinage that he had relocated to Singapore because he was concerned about the safety of his family. He also refuted claims that the move was in response to the crash or an attempt to dodge investigators.

Across the globe, a number of bitcoin developers have been detained and charged with a variety of offenses.

There was an arrest of a 29-year-old man, who the Dutch authorities suspect to be a developer for the cryptocurrency mixing service Tornado Cash. The Dutch government arrest them last month on suspicion of money laundering.

After pleading guilty to breaching the United States Bank Secrecy Act and receiving a sentence of six months of house arrest, Arthur Hays, the co-founder, and former chief executive of the cryptocurrency exchange BitMEX, received his sentence in the month of May.

For More Latest Updates on Technology, Click Here.