A court in Seoul, South Korea, issued a warrant of arrest against the CEO of Terraform Labs, Kwon Do, and five other people for violating the country’s capital markets law, Bloomberg reports.
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The Terra ecosystem collapse cost investors over $40 billion in loss around the world, especially to Koreans. The nation had attached high hopes for LUNA/UST that failed to meet the expectations.
The sudden crash affected the whole crypto market as it was quite unexpected for the third-largest cryptocurrency to drop almost 99.9%. Despite claims of recovery, Terra failed to bring back LUNA.
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On the other hand, LUNA 2.0 is rising in the crypto market at an all-time high becoming the most successful coin in Q3 of 2022, showing that traders are actively buying the newly dropped crypto coin.