Is Kwon Responsible For Violating the Capital-Markets Act?

Finance

By Aahil

October 27, 2022

Kwon went from South Korea to Singapore, where Terraform Labs, which he co-founded, is based.

South Korean authorities texted Bloomberg on Monday that there is "circumstantial evidence of escape" since he departed Singapore.

Prosecutors declined to comment on Kwon's location or whether they would inform Interpol, the media site reported.

Kwon was charged with breaking the Capital Markets Act last week and issued an arrest warrant for him and five other suspects in Singapore.

Three Arrows Capital was the most recent organization to fail, leaving billions in debt to creditors.

Late in May, Terra re-released the token Luna without the component that was responsible for Terra's precipitous decline—its stablecoin UST.

But the arrest warrant's disclosure shocked the cryptocurrency market, sending the Luna token down more than 16% on Wednesday.

They typically maintain a 1-to-1 peg with the US dollar because they are designed to be tied to a fiat currency.

David Gottesman, 96, Wall St. Power and Warren Buffett Partner