According to Odaily Planet Daily, market sources said that a South Korean court has issued an arrest warrant for Kakao founder Kim. Kakao is a South Korean instant messaging app giant that owns blockchain project Klaytn and crypto wallet Klip and other services. In January this year, Kakao Pay announced that it would terminate its crypto asset services on February 16. Previously, the South Korean civil group "Economic Democracy 21" filed a complaint with the Seoul South District Prosecutor's Office, accusing former Kakao Chairman Kim Bum-so and executives of Klaytn-related companies of violating the "Specific Economic Crime Aggravated Punishment Act" and the "Capital Market Act." South Korean prosecutors subsequently began investigating the allegations.