Do Kwon, founder and CEO of Terraform Labs that wiped out investors' money worth $40 billion, is now wanted by Interpol which has issued a red notice for him.
Authorities are tracking down a well known South Korean cryptocurrency entrepreneur after international police organisation Interpol issued a “red notice” for the blockchain start-up co-founder.
Law enforcement agencies worldwide are looking for CEO of
Singapore-based Terraform Labs Kwon Do-hyung, as he faces charges in South
Korea related to the $US40 billion crash of cryptocurrencies he created.
Better known as Do Kwon, he was responsible for the creation
of the TerraUSD algorithmic stablecoin and its accompanying token Luna.
Luna notoriously skyrocketed in value before plummeting to
practically zero in the first weeks of May this year, sparking a major crash
that wiped more than $US1 trillion off the cryptocurrency market.
Now, South Korean authorities have issued a warrant for his
arrest after accusing him and five others of crimes including breaches of
capital-market law, Bloomberg reports.
A red notice has since been issued as South Korean prosecutors
call on the assistance of law enforcement from around the globe to determine
his location, after he left the country for Singapore.
The notice against him comes after the entrepreneur denied
claims that he was “on the run” and “not co-operating” with authorities.
Tbh havent gone running in a while, need to cut some calories https://t.co/SP9VtS5ob2
— Do Kwon 🌕 (@stablekwon) September 17, 2022
“I am not ‘on the run’ or anything similar – for any
government agency that has shown interest to communicate, we are in full
co-operation and we don’t have anything to hide,” he posted to Twitter.
Kwon has remained tight-lipped on his whereabouts while he
“defends” himself 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,”
he said.
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