South Korea court reportedly issues arrest warrant for Terraform founder Do Kwon

A South Korean tribunal connected Wednesday issued an apprehension warrant for Terraform laminitis Do Kwon, Reuters reported, citing a spokesperson for the prosecutors.

It escalates a probe into the laminitis of blockchain level Terraform Labs, the institution down the algorithmic stablecoin UST, pursuing the Terra project's spectacular collapse earlier this year.

The implosion of the Terra level successful May led to combined losses of astir $60 cardinal betwixt UST and its sister cryptocurrency luna.

UST, a arguable stablecoin that was meant to beryllium pegged astatine 1:1 to the U.S. dollar, decoupled from its people terms successful mid-May and triggered a broader cryptocurrency sell-off that the integer plus assemblage has yet to retrieve from.

In June, Reuters reported that an unnamed authoritative astatine South Korea's Supreme Prosecutors' Office said that respective employees of Terraform Labs could not permission the state and had been placed connected a no-fly list.

A spokesperson astatine South Korea's Supreme Prosecutors' Office was not instantly disposable to remark erstwhile contacted by CNBC connected Wednesday morning.

Bitcoin was past seen trading astatine $20,380 connected Wednesday greeting successful London.

The world's largest cryptocurrency climbed backmost supra the psychologically important $20,000 mark past week aft falling beneath the $19,000 level earlier successful the period for the archetypal clip since June.

— CNBC's Tanaya Macheel contributed to this report.