Now it happens, unsurprisingly: the Interpol is involved and wants a piece of Do Kwon, the disgraced co-founder of the Terra ecosystem which disintegrated drastically in May, multiple news outlets reported Monday.
Last week, the Singapore Police Force issued an arrest warrant for Kwon who, it said that time, was no longer in the country. He is believed to own a house in Singapore.
It seems like the Interpol was just giving Kwon time to show himself up following the ruckus of his whereabouts. Kwon tweeted last week “I am ‘not on the run’ or anything similar.”
Do Kwon Says He’s Not Running From The Cops
In fact, Kwon has tweeted that he merely wanted to “reduce some calories” to make light of the situation. Where exactly he was is unknown.
Tbh havent gone running 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 is not cooperating with them.
According to the South Korean police, Do Kwon – who is wanted on charges related to the US$45 billion wipeout of cryptocurrencies he created – has been given a Red Notice by the International Criminal Police Organization (Interpol), which asks law enforcement agencies throughout the world to find and collar him.
I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide
— Do Kwon ? (@stablekwon) September 17, 2022
What Is A Red Notice?
The term “Red Notice” refers simply to an arrest warrant. It is a “Wanted Notice” issued by Interpol at the request of an Interpol member country and sent to all Interpol member nations, detailing a wanted person and asking for 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” across numerous jurisdictions.
He told the South Korean government that they will be “totally cooperative” with any agency that expresses an interest in communicating with them.
After the catastrophic crash of TerraUSD (UST), an algorithmic stablecoin that rapidly de-pegged from the US dollar in May, Seoul-based Terraform Labs came under heavy fire.
$45 Billion Lost In Ambitious Crypto Dream
According to data compiled by CoinGecko, the combined market capitalization of UST and its sibling coin LUNA was reduced by about $45 billion in just seven days following the implosion.
Many crypto lenders and hedge funds, including Celsius, Voyager, and Three Arrows Capital, went bankrupt because of the ensuing liquidity crisis.
Meanwhile, neither Kwon nor the Interpol responded quickly to e-mails asking for comment.
Benzinga Pro reports that the selling price for Terra on Sunday was $2.17, down 11% from Friday’s close. In comparison 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
