Interpol Puts Terra CEO Do Kwon in Red Notice After Terraform Labs $60 Billion Wipeout

Interpol puts Terra's Chief Executive Officer (CEO) Do Kwon on Red Notice.

It comes as the big boss of Terra is facing charges for the notorious $60 billion wipeout of the cryptocurrencies of Terraform Labs.

Interpol Puts Terra CEO Do Kwon in Red Notice

As per the latest news by Bloomberg, South Korea says that no less than The International Criminal Police Organization (Interpol) has placed the co-founder of Terraform Labs, Do Kwon, on Red Notice.

The order essentially requests law enforcement across the world to locate and arrest the CEO of Terra.

Kwon, one of the co-founders of Terraform Labs, which offers various cryptocurrencies, is currently facing charges in the Korean nation, notes Bloomberg.

The officials of the Asian country accused the Terra CEO of violating the capital markets law in South Korea. He is facing charges along with five other individuals.

It turns out that Kwon has already left Korea sometime this year in favor of Singapore. But it is worth mentioning that the headquarters of Terraform Labs is actually located in the latter. So it makes sense that the CEO had transferred there.

But this time, Bloomberg says that the whereabouts of the Terra big boss is now unclear. Last Sept. 17, Singapore says that Kwon has already left the Southeast Asian city-state.

And given that, it looks like the search for the Terra co-founder is now ramping up. Interpol has officially asked law enforcement elsewhere in the world to find the Terra CEO.

Terraforms $60 Billion Wipeout

A recent report by Tech Crunch says that the digital assets of Terraform Labs include the stablecoin, known as UST, and the top performing cryptocurrency, LUNA.

However, these two digital tokens suddenly lost their value last May, lowering their price too low levels. The online tech news site reports that it comes after the investors of these coins have started to question their fundamentals.

Meanwhile, Bloomberg notes in its story that the massive collapse of both LUNA and UST is partly to blame for the collapse of the crypto hedge fund, Three Arrows Capital. But it is to note that the crypto market, in general, is also losing its value significantly.

Kwon has yet to respond to the recent Red Notice by Interpol. However, he previously stated on his Twitter account that "we are in the process of defending ourselves in multiple jurisdictions."

This article is owned by Tech Times

Written by Teejay Boris