SEOUL– Prosecutors have set out to apprehend Do Kwon, the CEO of Terraform Labs, as part of a probe into the massive collapse of the blockchain firm’s Luna and TerraUSD cryptocurrencies in May, officials said Wednesday.

The Seoul Southern District Prosecutors Office has recently had arrest warrants issued for Kwon and five others, including Terraform founding member Nicholas Platias, on charges of violating the capital market law, prosecution officials said.

Prosecutors are expected to take further procedures soon to have an Interpol red notice issued to repatriate them from Singapore where they are currently staying.

Terraform has been under investigation for alleged fraud and tax evasion after investors in TerraUSD and Luna filed complaints against Kwon in May, accusing him of a Ponzi scheme over the loss of billions of won following the crash of both coins earlier that month.

Source: Yonhap News Agency