- The South Korean authorities decided to ask Interpol to issue a “red alert” for Do Kwon, co-founder of Terraform Labs, the firm responsible for the TerraUSD and LUNA coins, because they do not know his current location.
- The Seoul Southern District Prosecutor’s Office has already started “the procedure to place Do Kwonen on the Interpol red notice list and thus revoke his passport.”
- The South Korean authorities considered that Kwon was in Singapore, however, on September 17, the Singapore Police confirmed to the press that Kwon was no longer in the city.
There is a popular saying that “shrimp that falls asleep, goes with the flow” and that seems to be exactly what happened with the South Korean authorities, since the co-founder of the now defunct Terraform stablecoin issuer is nowhere to be found. Labs, Do Kwon.
According to what was published by the media Financial Times, South Korean authorities decided to ask Interpol to issue a “red alert” for Kwon because they do not know his current location.
Until very recently, South Korean authorities believed that Kwon, who was in Singapore, Asian Island Sovereign Country, however, on September 17, the Singapore Police confirmed to the press that Kwon was no longer in town.
According to Financial Times, the Seoul Southern District Prosecutor’s Office has already kicked off with “the procedure to place [a Kwon] on the Interpol Red Notice List and thereby revoke your passport“.
Alert issued by Kwon
It’s important pointing that last weekSouth Korean prosecutors have issued an arrest warrant for the co-founder of defunct stablecoin issuer Terraform Labs.
Among the accusations imputed to Kwon, is the alleged violation of capital market rules. Because of this, the authorities asked the Ministry of Finance to cancel his passport.
It should be said that while these accusations were being made, it was believed that Kwon was in Singapore, a situation that has already been denied by the authorities of that country.
kwon fights back
In this regard and as a response to the accusations that he is running from the law, on September 17, Do Kwon wrote on his official Twitter account:
“I’m not ‘on the run’ or anything like that. To any government agency that has shown an interest in reaching out, we are in full cooperation and have nothing to hide..”
Regarding his location, Kwon noted:
“Unless we’re friends, have plans to meet up, or are involved in a GPS-based Web3 game, they don’t have to know my GPS coordinates.”.
What is a red alert?
For those uninformed about this terminology, it is important to note that a red alert is a request to law enforcement agencies around the globe, to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
The alert also requests that the defendant in question be held until extradition proceedings can begin, depending on where he is.
Likewise, this notice is sent to the police forces of 195 countries around the world.
What happened to Earth?
For those who are not very aware of following this news, you should know that the Terra blockchain ecosystem, launched two years ago, was focused on the stablecoin TerraUSD (UST) and LUNA.
However, after little more than a year of operation, in May of this year, UST lost its parity with the dollar never to recover it, which caused LUNA and Terra to begin to plummet, eliminating thousands of million dollars in less than a week.
After said collapse, various agencies as well as regulators began a series of inquiries about Terraform Labs, the company behind these assets, as well as its co-founder, Do Kwon.
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