A South Korean court on Wednesday issued an arrest warrant for Terraform founder Do Kwon, Reuters reported, citing a spokesperson for prosecutors.
The implosion of the Terra platform in May led to combined losses of approximately $60 billion between UST and its sister cryptocurrency luna.
UST, a controversial stablecoin that was meant to be pegged at 1:1 to the U.S. dollar, decoupled from its target price in mid-May and triggered a broader cryptocurrency sell-off that the digital asset sector has yet to recover from. A South Korean court on Wednesday issued an arrest warrant for Terraform founder Do Kwon, Reuters reported, citing a spokesperson for the prosecutors.
It escalates a probe into the founder of blockchain platform Terraform Labs, the company behind the algorithmic stablecoin UST, following the Terra project's
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