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.
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.
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.