South Korean prosecutors have reportedly asked Interpol to intervene in their case against Terra co-founder Do Kwon by posting a “red notice,” suggesting law enforcement around the world may be trying to find him. and stop it.
According to a report published Monday by the Financial Times, Seoul’s southern district prosecutor’s office said it had “initiated the procedure” to put Kwon on Interpol’s red notice list following moves to revoke the Terra co-founder’s passport while he was in Singapore. Interpol’s website indicates that a Red Notice is requested by authorities to “locate and provisionally detain a person pending extradition, surrender, or similar legal action,” but the agency cannot compel local security forces. to arrest the subject of said notice.
“We are doing everything we can to locate and arrest [Kwon]”, said a spokesman for the prosecution. “It is clear that he is on the run, since the main financial officers of his company also went to the same country during that time.”
Kwon has continued to be active on social media amid the possible arrest and prosecution. Cointelegraph reported on Sunday that Terra’s co-founder claimed he was “not ‘on the run’ or anything like that”, but did not reveal his location: his Twitter account still showed him in Singapore at the time of publication. Reuters reported on Saturday that Singapore authorities said Kwon was no longer in the country, having moved there from South Korea in April.
Dear CT – I will tell you what i am doing and where i am if:
1) we are friends
2) we have plans to meet
3) we are involved in a gps based web3 gameOtherwise you have no business knowing my gps coordinates
— Do Kwon (@stablekwon) September 17, 2022
Dear CT – I’ll tell you what I’m doing and where I am if
1) we are friends
2) we have plans to meet
3) we are involved in a gps based web3 gameOtherwise you have nothing to do to know my gps coordinates
The ongoing saga with Kwon and Terra began in May, when the TerraUSD Classic (USTC) project’s algorithmic stablecoin—originally TerraUSD (UST)—peeled off the US dollar and fell to near zero within a few weeks.. The price of Terra (LUNA) — now Terra Classic (LUNC) — has also plunged amid reported liquidity issues on platforms like Celsius.
Kwon, some Terra employees, and the company were the subject of an investigation by South Korean financial authorities, who allegedly raided the offices of cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax in July. On September 14, A South Korean court has issued an arrest warrant for Kwon and five people related to Terra for allegedly violating capital market laws. However, South Korea does not have any extradition agreement with Singapore.
According to Interpol, there are currently 7,151 people on the agency’s red notice list, out of a total of 69,270. At press time, Kwon was not among them and the only South Korean citizen so named was Lee Changhwan, 59, wanted by Indian authorities.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.
