According to Bloomberg, Kwon, a 32-year-old Korean, received a computer science degree from Stanford University in 2015. The algorithmic stablecoin TerraUSD and its sister token Luna, which he developed, have soared in value during the epidemic.

The collapse of TerraUSD has rattled the global digital token market, exacerbating $2 trillion in losses. Kwon’s Terraform Labs has rejected South Korea’s allegations, saying the case against him has become “ridiculous.”