Skip to content

Luna Token’s Vexed Legal Status Dogs Prosecutors Chasing Kwon

  • South Korea has accused Kwon of breaching capital-markets act
  • But there’s debate on whether the act covers the crypto sector
Do Kwon in April. 
Do Kwon in April. Source: Bloomberg
Updated on

South Korean prosecutors trying to build a case against Do Kwon over the $60 billion wipeout of his crypto project made an eye-catching admission this month: the latest court decision seems to support his defense.

They made the comment after a judge rebuffed a request to detain a person linked to Kwon’s collapsed Terraform Labs ecosystem. Part of the judge’s reasoning was that it’s debatable whether the individual had violated the nation’s Capital Markets Act as prosecutors claim -- a key charge Kwon also faces, and which he has rejected.