Do Kwon, co-founder and chief executive officer of Terraform Labs, poses in the company’s office in Seoul, South Korea, on Thursday, April 14, 2022.
Woohae Cho | Bloomberg | Getty Images
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 spectacular collapse earlier this year.
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.
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In June, Reuters reported that an unnamed official at South Korea’s Supreme...
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