Reportedly, Interpol has issued a “red notice” to law enforcement around the world for the arrest of Terraform Labs co-founder Do Kwon.
South Korean prosecutors in Seoul told Bloomberg on Monday that the international police organization issued the notice in response to charges Kwon faces in South Korea related to the collapse of the Terra ecosystem.
The news comes just a week after South Korean prosecutors asked Interpol to issue a “red notice” on Kwon on September 19..
A Red Notice is a “request to law enforcement agencies around the world to locate and provisionally detain a person pending extradition, surrender or similar legal action”according to the Interpol website.
Also comes less than two weeks after South Korean authorities issued an arrest warrant for Kwon and five other associates for alleged violations of the country’s capital market laws.
Kwon was previously believed to reside in Singapore, but local authorities said on September 17 that he was not in the country.and hours later Kwon said he was not “at large”, although he did not reveal his location.
The Terra ecosystem, which Kwon co-founded, erupted after its algorithmic stablecoin TerraUSD (UST) (now TerraUSD Classic (USTC)) lost its peg to the US dollar in May.causing billions of dollars worth of liquidations across the entire cryptocurrency market.
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