Tuesday, December 6, 2022
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Interpol issues Red Notice for Terra Co-Founder

According to Bloomberg, Interpol has approved South Korean prosecutors request to issue a red notice against Do Kwon, the co-founder of the Terra ecosystem on September 26.

Kwon has been charged with violating South Korean equity market rules and is facing legal challenges in numerous jurisdictions. According to a text message from South Korean prosecutors, a red notice for the Terraform Labs co-founder has been issued, which means that law enforcement agencies around the world will now work together to find and arrest the crypto founder.

The Seoul Southern District Prosecutors Office has issued an arrest order for Kwon, the Co- Founder of TerraUSD algorithmic stablecoin and sibling token Luna, which allegedly wiped out $60 billion in the cryptocurrency market. Kwon’s whereabouts are unclear, but the Terra tokens co-founder dismissed rumours of being on the run from government officials.

Kwon hasn’t participated in the prosecution’s probe, according to additional prosecution sources quoted by Yonhap News Agency. Around August, Kwon informed the prosecution through a lawyer that he had no intention of appearing in front of them for questioning.

The developer of a South Korean cryptocurrency had relocated to Singapore, where the Terraform Labs project is based. Kwon’s contract in Singapore is set to expire in December of this year, and there’s a risk it will be terminated, forcing him to go back to his native country.

According to reports, Kwon and five other people have an arrest warrant out for them in connection with the Terra collapse.

Terra Co-Fonder : I’m not “on the run”

Kwon responded to charges of being ‘on the run’ and breaking the law with a tweet. “I am not “on the run” or anything similar – for every government agency that has shown interest in communicating, we are fully cooperating and have nothing to hide,” he stated.

“We are in the midst of defending ourselves in several jurisdictions,” he continued in his tweet. “We have held ourselves to an incredibly high bar of integrity, and look forward to clarifying the truth over the next few months.”

Kwon did not provide any information regarding his location, though. Prosecutors believe he is not in Singapore, but he is still being searched.

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