Regarding the devaluation of the cryptocurrency used in the Terra ecosystems, Do Kwon is accused in South Korea.
Do Kwon, the co-founder of Terraform Labs, is purportedly the subject of a “Red Notice” from Interpol to law enforcement agencies all around the world.
In response to charges Kwon is facing in South Korea for the demise of the Terra environment, the international policing group issued the warning, according to South Korean prosecutors in Seoul who spoke to Bloomberg on Monday.
A “Red Notice” for Kwon was apparently requested by South Korean prosecutors to be issued by Interpol on September 19 barely one week prior to the announcement.
According to the Interpol website, a Red alert is a “request to law enforcement worldwide to identify and provisionally arrest a person pending extradition, surrender, or comparable legal action.”
Additionally, it happens less than two weeks after the co-founder and five other associates were named in an arrest warrant filed by South Korean police for allegedly breaking the country’s capital markets rules.
Kwon was originally thought to be a resident of Singapore, but local officials said on Sept. 17 that he wasn’t there. A few hours later, the co-founder declared that he wasn’t “on the run,” but he didn’t specify where he was.
After its algorithmic stablecoin TerraUSD (UST) (now TerraUSD Classic (USTC)) lost its peg to the US dollar in May, the Terra ecosystem that Kwon co-founded imploded, liquidating billions of dollars worth of cryptocurrencies.
