Scorned LUNA and UST Users Hope to See Terra CEO Behind Bars

  • South Korea issues a warrant to bring Do Kwon to justice. 
  • The CEO of Terraform Labs and five others are presently in Singapore.
  • Scorned LUNA and UST users worldwide hope to see Do Kwon behind bars soon.

Amid the arrest warrant issuance from South Korea for Do Kwon, crypto users everywhere are hoping to see justice. Specifically, a scorned user on Reddit says that they would like to see someone make an NFT of Do Kwon behind bars so they can buy it. Many others chime in with enthusiasm for the same.  

In detail, a ruling in a South Korean court has led to the issuance of an arrest warrant for Do Kwon, the co-founder and CEO of Terraform Labs. In particular, it seems the nation is seeking to serve justice for the implosion of the cryptocurrency ecosystem caused earlier this year. 

Indeed, the rapid collapse of Terra LUNA pushed the crypto market into a hard slog over the last few months. In fact, from recent crypto market activity, it seems the road to recovery is still quite a hard struggle. 

Of the few causes that led to the crypto fall, the global crypto rout took place in most part due to the fall of Terraform Labs. The court ruling took place in Seoul where it issued a warrant for Do Kwon along with five others on allegations. 

These allegations include violations of the country’s capital markets law. That is according to a text message from the prosecutor’s office. Presently, all six of the accused are situated in Singapore. 

In the eyes of the crypto community and the global financial market, there is much to be answered for. For instance, the losses that occurred from the Terra platform collapse in May and the fall of TerraUSD stablecoin has left much of the world shaken. 

Not to mention the fall of LUNA, Terra’s native token which gave the name to Do Kwon’s fans as ‘Lunatics’. TerraUSD, known as UST also took a harsh hit when Terraform Labs came unravelled. After all, both tokens fell to a value of near zero. 

The whole debacle led to nation-wide investigations as well as international scrutiny. Overall, it affected how the world began to define and view stablecoins and their worth. It seems the verdict is finally out.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.