South Korea Asks Interpol to Place Terra's CEO Do Kwon on 'Red Notice'

Do Kwon, the co-founder of the failed crypto Terraform Labs, is the subject of a request from South Korean authorities to Interpol for the issuance of a "Red Notice" since his whereabouts are unknown, according to a report by The Financial Times.

Where is Do Kwon?

The crypto founder was previously thought to be in Singapore. However, on Saturday, the Singapore Police Force told the press that Kwon was no longer in the country.

A Red Notice asks law enforcement agencies all around the world to find and temporarily detain a suspect pending extradition, surrender, or other legal action.

However, Kwon previously tweeted that he is not hiding from anyone and is in "full cooperation" with the authorities.

"I am not 'on the run or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don't have anything to hide," Kwon said in a tweet.

"We are in the process of defending ourselves in multiple jurisdictions - we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months."

But this doesn't seem to be the case after South Korean prosecutors asked Interpol to issue a Red Notice for the Terra CEO.

South Korean officials issued an arrest warrant for Kwon last week on fraud-related allegations after the value of UST, the stablecoin used by Kwon's network, and its sibling token LUNA had a meltdown in May. The nation acted to cancel his passport after issuing the arrest order.

$40 billion in investor capital was lost as a result of the massive meltdown. These investors, who lost their whole life savings in the crash, filed complaints accusing the company of running a Ponzi scheme.

"Clearly on the Run"

The Financial Times was informed by a representative for the Seoul prosecutors' office that they are making every effort to find and apprehend him.

"He is clearly on the run as his company's key finance people also left for the same country during that time," the spokesperson said in a statement.

Kwon has not yet responded to the prosecution's request for Interpol's assistance in locating him. His most recent tweets on Twitter, which refuted claims that he was attempting to evade authorities, were still from the weekend, with his location set to Singapore.

This article is owned by Tech Times

Written by Joaquin Victor Tacla