South Korean prosecutors to ensure nullification of Terra Luna’s Do Kwon and other developers’ passports | The Financial Express

South Korean prosecutors to ensure nullification of Terra Luna’s Do Kwon and other developers’ passports

According to Cointelegraph, all Terra Luna members have been named in the warrant reside in Singapore

South Korean prosecutors to ensure nullification of Terra Luna’s Do Kwon and other developers’ passports
As mentioned by South Korean prosecutors, Do Kwon allegedly continued issuance of LUNA and USTC with notification to investors on the dangers of price of both falling together, amounting to fraud

Local news outlet gynews.kr has stated that the Seoul Southern District Prosecutors’ Office’s Joint Financial Securities Crime Investigation team made the call about contacting the country’s Ministry of Foreign Affairs to nullify the passports of Do Kwon, co-founder, Terra Luna, and five other project developers. Prosecutors have issued plans to make contact with Interpol and convert the South Korean arrest warrant into an international arrest warrant, as reported by Cointelegraph.

According to Cointelegraph, all Terra Luna members have been named in the warrant reside in Singapore. Individuals mentioned on the warrant include Mo Han and Mo Yu, who are Terra Luna employees staying with Do Kwon in Singapore, along with Greek national Nicholas Platias, a founding member of Terraform Labs. Since the fall in Terra Classic (LUNC) token, previously known as Terra (LUNA), and algorithmic stablecoin Terra USD (USTC) in May, police have conducted raids in 15 places including associated cryptocurrency exchanges and corporate offices. The charge involves Terra employees, including Do Kwon, alleging the violation of the country’s Capital Markets Act for prosecutors to consider Terra Luna ecosystem tokens as investment security contracts.  

Moreover, Cointelegraph noted that as mentioned by South Korean prosecutors, Do Kwon allegedly continued issuance of LUNA and USTC with notification to investors on the dangers of price of both falling together, amounting to fraud. The subsequent fallout of Terra Luna has resulted in consequences for ecosystem projects. A protocol Apollo DAO was forced to shut down its Terra vaults. Furthermore, the project’s total value locked went past $200 million previous year, and has now fallen to close to zero levels at the time of publication.

Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends, on a global scale.

(With insights from Cointelegraph)

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