The collapse of stablecoin issuer Terraform Labs resulted in the indictment of its founder.
Anchor Protocol was a lending platform built on Terra to allow investors to earn high returns on their deposits and borrow cryptocurrency assets. Anchor deposits plummeted after the TerraUSD (UST) stablecoin lost its peg to the US dollar before collapsing, further compounding the crisis.
The entrepreneur imprisoned in Montenegro is at risk of being repatriated to Korea or the United States.