Luna and its sister token UST collapsed in May. An arrest warrant for their main founder has been issued.
He founded one of the crypto projects that has experienced one of the most spectacular collapses in recent months.
Do Kwon, the co-founder of Terraform Labs, was one of the princes of the crypto industry, but he has now fallen out of favor.
Last May, sister tokens Luna and UST lost all their value in a matter of days, wiping out at least $55 billion. Many retail investors lost their last savings, while for institutional investors, including prominent crypto firms, it was the beginning of the end.
Indeed, crypto lenders and brokers Celsius Network and Voyager Digital filed for Chapter 11 bankruptcy due to their exposure to hedge fund Three Arrows Capital, which had invested heavily in Luna. Three Arrows Capital was forced into liquidation.
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