According to reports, a South Korean court has issued an arrest warrant for Terraform creator Do Kwon.

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The Terra platform implosion in May resulted in combined losses of nearly $60 billion for UST and its sister cryptocurrency luna.

UST, a contentious stablecoin designed to be tied at 1:1 to the US dollar, decoupled from its target price in mid-May, sparking a broader cryptocurrency sell-off from which the digital asset sector has yet to recover.

According to Reuters, a South Korean court issued an arrest order for Terraform creator Do Kwon on Wednesday, citing a prosecutor’s spokesperson.

Following the stunning collapse of the Terra project earlier this year, it escalates an investigation into the founder of blockchain platform Terraform Labs, the business behind the algorithmic stablecoin UST.

The Terra platform implosion in May resulted in combined losses of nearly $60 billion for UST and its sister cryptocurrency luna.

UST, a contentious stablecoin designed to be tied at 1:1 to the US dollar, decoupled from its target price in mid-May, sparking a broader cryptocurrency sell-off from which the digital asset sector has yet to recover.

According to Reuters, an unnamed official at South Korea’s Supreme Prosecutors’ Office stated in June that some Terraform Labs employees were barred from leaving the country and were placed on a no-fly list.

When CNBC called the South Korean Supreme Prosecutors’ Office on Wednesday morning, a spokeswoman did not immediately respond.

Bitcoin was last spotted trading at $20,380 in London on Wednesday morning.

Last week, the world’s largest cryptocurrency reclaimed the psychologically significant $20,000 milestone after dipping below it earlier in the month for the first time since June.

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