A South Korean court has issued an arrest warrant against the co-founder of the now defunct stablecoin issuer Terraform Labs , Do Kwon, according to a Bloomberg report.
The court in Seoul issued a warrant for Do Kwon and five others, according to a text message from the prosecutor’s office, the report added.
The warrant comes a few months after the Terra ecosystem and its stablecoin (UST) collapsed, which led to a massive ripple effect in the crypto markets.
The collapse also led to several countries looking at stablecoin regulations and several bankruptcies including high-profile crypto hedge fund Three Arrows Capital (3AC).
In his first public interview last month, Kwon had maintained that he is co-operating with the authorities.
