South Korea Issues Arrest Warrant for Terra CEO Do Kwon: Report

Global Wanted Persons Notice for Do Kwon Issued: Report

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  • A Red Notice is a worldwide request to arrest a suspect from Interpol, the International Criminal Police Organization
  • Kwon was beforehand seen in Singapore, although authorities there deny he’s now not residing within the city-state

Interpol has issued a world request to arrest Terraform Labs founder Do Kwon, Bloomberg reported. The Seoul Southern District Prosecutors’ Office confirmed the event Sunday after it requested Interpol concern him a Red Notice in the beginning of final week.

A Red Notice, whereas not the identical as an arrest warrant, is a request on the behest of a member nation to regulation enforcement worldwide for the situation and arrest of a person pending extradition, give up or comparable authorized motion.

Kwon, rumored to have been dwelling in Singapore after leaving his dwelling nation of South Korea, is needed for expenses regarding his involvement in Terra’s collapse earlier this 12 months.

South Korean prosecutors stated final week Kwon was “clearly on the run” from authorities and was refusing to cooperate. Kwon later denied these claims in a sequence of tweets, saying on the time he didn’t “have something to cover.”

Earlier this month and greater than 4 months after Terra’s implosion, a South Korean court docket issued a nationwide warrant for his arrest, resulting in the request by prosecutors to Interpol.

At the start of May, aggressive liquidations created a hyperinflationary demise spiral for Terra’s LUNA token and UST, wiping out almost $30 billion from the Terra ecosystem and an additional $30 billion from the broader crypto market.

Terra’s collapse despatched a seismic contagion shockwave all through the crypto market in May, triggering billions of {dollars} in losses throughout its ecosystem in addition to throughout tasks, lenders and hedge funds.

“In hindsight, I feel we must always have been extra skeptical,” Kwon stated throughout an interview with Coinage final month. At the time, the founder blamed a leak from inside his firm that finally led to the stablecoin’s downward spiral.

The failed algorithmic stablecoin mission has additionally drawn further consideration to the business from lawmakers within the EU and US, who’ve since crafted laws designed, they are saying, to scale back or stop additional stablecoin hurt.

“INTERPOL can’t compel the regulation enforcement authorities in any nation to arrest somebody who’s the topic of a Red Notice,” an company FAQ reads.

Whether the worldwide discover ends in Do Kwon’s arrest will rely on his precise location and the native authorities’ willingness to behave on it.


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  • Sebastian Sinclair

    Blockworks

    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior information reporter for Blockworks working in South East Asia. He has expertise masking the crypto market in addition to sure developments affecting the business together with regulation, enterprise and M&As. He at the moment holds no cryptocurrencies.

    Contact Sebastian by way of e mail at [email protected]



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() A Red Notice is a worldwide request to arrest a suspect from Interpol, the International Criminal Police Organization Kwon was beforehand seen in Singapore, although authorities there deny he’s now not residing within the city-state Interpol has issued a world request to arrest Terraform Labs founder Do Kwon, Bloomberg reported. The Seoul Southern District…