As news spread that the Korean prosecutors had issued an arrest warrant for Terraform Labs CEO Kwon Do-hyeong and started to secure new recruits, cryptocurrency prices skyrocketed at one time.
According to Benzinga, an economic media outlet, on the 15th (local time), the price of ‘Jail Kwon Token (JKWON)’ (a coin created for fun, etc. by reflecting the online trend) with the theme of criminal punishment of CEO Kwon has risen. Up 500% the day before.
The developer claimed that the coin was used to help victims of the Luna and Terra USD (UST) crash through a notice on the website and to publicize educational programs related to the risks of cryptocurrency.
However, this virtual currency also showed a typical memcoin appearance accompanied by speculative transactions, such as fluctuating prices according to one-time materials.
Upon news of the issuance of an arrest warrant for CEO Kwon, the price of the coin soared to $0.001, but has now fallen to the $0.0006 level.
Investors who suffered losses from the previous Luna and Terra crash filed a complaint with the Seoul Southern District Prosecutor’s Office on charges of fraud, saying that CEO Kwon did not properly inform investors of the coin’s defects in May, and that it was a multi-level financial fraud (Ponzi scheme). .
Currently, the prosecution is planning to invalidate the passport of CEO Kwon, who is known to be staying in Singapore, and proceed with the Interpol red wanted procedure to secure new recruits.
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