South Korean officials have accused Kwon and five others of crimes including breaches of capital-markets law.
Kwon earlier this year moved from South Korea to Singapore, where his now collapsed Terraform Labs had a base, but his location became unclear after the city-state on Sept. 17 said he’sTerraform Labs was behind the TerraUSD algorithmic stablecoin and its sister token Luna. Both coins imploded in May and sparked huge losses in crypto markets, which were already reeling from tightening monetary policy.
Terra’s collapse and the broader market rout led to the unraveling of Three Arrows Capital, a once high-flying crypto hedge fund. Contagion also buffeted lenders and brokers such as Voyager Digital Ltd. and Celsius Network Ltd.
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