Do Kwon

South Korean Officials Pen Arrest Warrant Against Do Kwon

Do Kwon tied up

Do Kwon will soon be arrested

There is breaking news that the former creator of Terra Luna, Do Kwon, has been issued an arrest warrant in South Korea due to his role in the Ponzi scheme. A press speaker for South Korea prosecutors stated,

"An arrest warrant has been issued for a total of six people, including Do Kwon, who are currently residing in Singapore"

The coolest part about this news is that I predicted this in an article months ago, titled: "Do Kwon May End the Terra Saga Behind Bars." The question now is whether South Korean law enforcement officials will be able to track him down. It was revealed earlier this summer that Do Kwon had fled to Singapore after his time in South Korea during the Terra crisis.

Concerning the basis of the warrant, it is likely that the prosecutors built a case involving the anchor protocol being a Ponzi scheme when combined with the other protocols. There is a decent amount of evidence given that users were supposedly promised 20% yields when they held their coins on the platform. This created liquidity for the stablecoin, UST, which ended up failing miserably and wiping out over $60 billion dollars in value. Only Bernie Madoff has ever truly compared to this feat.

The South Korea legal system

Korea originally used to be a complete country, but split into North and South in 1950 after the Korean War. While the North adopted a soviet-style court system with different provincial and county courts involving a central court, South Korea only has one system overseen by the central government.

South Korea law is based on written law and codes that govern the country. Similar to America, there are resources available to defendants that can help alleviate their sentences, such as the insanity and self-defenses. Do Kwon will likely not use any of these, but he has the money to hire a seasoned lawyer to defend his fraud case as allowed by the legal system. If convicted of fraud, Kwon could face up to 10 years in prison under South Korea's laws.

Cryptohopper