--- title: "Crypto Exchange Warns Buyers That Coin Founder Is Wanted by Police" description: "After its own brushes with the law, Binance is now alerting its users that the co-founder of the Terra stablecoin is currently wanted by police in Korea. " date: "2022-09-22" modified: "2022-09-22" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/crypto-warning-founder-warrant" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "binance" - "crypto" - "stablecoins" - "the digest" --- # Crypto Exchange Warns Buyers That Coin Founder Is Wanted by Police ![After its own brushes with the law, Binance is now alerting its users that the co-founder of the Terra stablecoin is currently wanted by police in Korea. ]() *Businessman hand cuffed, studio shot and close-up \Image: Getty Images\* ## Alerta, Alerta There's never a dull moment in blockchain world. Case in point, a crypto exchange that's had its own brushes with the law is now alerting users that the cofounder of a "stablecoin" listed on its site is currently wanted by police in South Korea. "Note: South Korean court has issued an arrest warrant against the cofounder of Terra 2.0 (LUNA) on 14 Sep. 22," an alert on [Binance's Luna coin trading page]() reads. "Please understand the risks involved and trade with caution. Binance will not be held responsible for any trading losses." ## The Fugitive Indeed, news broke last week that Do Kwon, the founder of the Luna-Terra not-so-stablecoins, is currently wanted for arrest in South Korea along with five other people associated with Terraform Labs, the now-defunct company that issued the two stablecoins, over alleged violations of Korean securities regulations, [as *Bloomberg* first reported](). Although Kwon, who is [based in Singapore but is currently nowhere to be found](), insists he is not on the lam, the crypto founder [doesn't seem to have much interest]() in turning himself over to police, either. ## Glass Houses Ironically enough, [Binance itself has been named in a federal class-action lawsuit]() led by investors who claim the exchange misled them about the worth of the Terra blockchain prior to its initial crash in May of this year, which was the first domino to fall in a spectacular chain of events that coincided with crashes in the traditional stock market and precipitous drops in the price of crypto. Following its crash in May, Kwon and Terraform Labs decided, at the behest of its investors, to [create a second coin](), dubbed Terra 2.0, just a few weeks after the coin crashed for the first time. To the shock of no one, [Terra 2.0 is now completely worthless]() amid news that its creator is wanted for arrest. The whole Terra-Luna saga has been a textbook example of the dark side of crypto bullishness, and regardless of Kwon's claims that he's not on the run from police, this particular chapter in the history of blockchains is no doubt going to come to a dramatic end. **More on Binance:** [*Crypto Exchange That Invested in Forbes Accused of Violating Terrorism Sanctions*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()