Now it’s happening, unsurprisingly: Interpol is involved and wants a piece of Do Kwon, the disgraced co-founder of the Terra ecosystem that dramatically disintegrated in May, multiple media outlets reported Monday.
Last week, Singaporean police issued an arrest warrant for Kwon, who he said at the time was no longer in the country. He is believed to have a home in Singapore.
It seems that Interpol was just giving Kwon time to come forward after the uproar over his whereabouts. Kwon tweeted last week, “I’m not ‘not running away’ or anything like that.”
Do Kwon says not to run from the police
In fact, Kwon tweeted that he just wanted to “cut some calories” to clear things up. Exactly where it was is unknown.
Haven’t run in a while, need to cut some calories https://t.co/SP9VtS5ob2
— Do Kwon 🌕 (@stablekwon) September 17, 2022
However, South Korean prosecutors have already stated that Kwon is “clearly on the run” and not cooperating with them.
According to South Korean police, Do Kwon, who is wanted on charges related to the removal of $45 billion of cryptocurrencies he created, has been issued a red notice by the International Criminal Police Organization (Interpol ), which calls on law enforcement agencies around the world. world to find it and collar it.
I’m not “on the run” or anything like that – to any government agency that has shown interest in communicating, we are fully cooperating and have nothing to hide
— Do Kwon 🌕 (@stablekwon) September 17, 2022
What is a red alert?
The term “Red Notice” simply refers to an arrest warrant. This is a “Wanted Notice” issued by Interpol at the request of an Interpol member country and sent to all Interpol member countries, detailing a wanted person and requesting their arrest with the intention of “surrender, extradition or equivalent legal action”.
Image: Fair Trials
Do Kwon has tweeted in the past that Terraform Labs is “defending” itself in numerous jurisdictions.
He told the South Korean government that they will be “fully cooperative” with any agency that expresses an interest in communicating with them.
Following the catastrophic fall of TerraUSD (UST), an algorithmic stablecoin that rapidly delinked from the US dollar in May, Seoul-based Terraform Labs came under heavy fire.
$45 billion lost in an ambitious crypto dream
According to data compiled by CoinGecko, the combined market capitalization of UST and its sister coin LUNA dropped by about $45 billion in just seven days after the implosion.
Many crypto lenders and hedge funds, including Celsius, Voyager and Three Arrows Capital, went bankrupt due to the ensuing liquidity crisis.
Meanwhile, neither Kwon nor Interpol quickly responded to emails seeking comment.
Benzinga Pro reports that Terra’s sale price on Sunday was $2.17, down 11% from Friday’s close. Compared to Bitcoin, it has lost 10.7 percent in value over the past day, while Ethereum has lost 9.8 percent.
Crypto total market cap at $887 billion on the daily chart | Source: TradingView.com Featured image from Coincu News, chart from TradingView.com
