South Korea Issues Arrest Warrant for Terra Founder Do Kwon, $LUNA Drops Over 15% in 1 Hour

According to Chosun Ilbo, an investigation team consisting of five prosecutors under the Seoul South District Prosecutor's Office recently applied to the Seoul South District Court for arrest warrants for Terra founder Do Kwon, TFL founding member Nicholas Platias, and other individuals stranded in Singapore. The main charge against them is violation of the Capital Market Law, which the prosecutors consider the cryptocurrencies Terra and Luna to be "investment contract securities" under the Capital Market Law. According to TokenInsight data, Terra ($LUNA) price drops to $3.7046, down 15.60% in the last hour.