Global Wanted Persons Notice for Do Kwon Issued: Report

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  • A Red Notice is a world­wide request to arrest a sus­pect from Inter­pol, the Inter­na­tion­al Crim­i­nal Police Organization
  • Kwon was pre­vi­ous­ly seen in Sin­ga­pore, though author­i­ties there deny he is no longer resid­ing in the city-state

Inter­pol has issued a glob­al request to arrest Ter­raform Labs founder Do Kwon, Bloomberg report­ed. The Seoul South­ern Dis­trict Pros­e­cu­tors’ Office con­firmed the devel­op­ment Sun­day after it request­ed Inter­pol issue him a Red Notice at the begin­ning of last week.

A Red Notice, while not the same as an arrest war­rant, is a request at the behest of a mem­ber coun­try to law enforce­ment world­wide for the loca­tion and arrest of an indi­vid­ual pend­ing extra­di­tion, sur­ren­der or sim­i­lar legal action.

Kwon, rumored to have been liv­ing in Sin­ga­pore after leav­ing his home coun­try of South Korea, is want­ed for charges relat­ing to his involve­ment in Terra’s col­lapse ear­li­er this year.

South Kore­an pros­e­cu­tors said last week Kwon was “obvi­ous­ly on the run” from author­i­ties and was refus­ing to coop­er­ate. Kwon lat­er denied those claims in a series of tweets, say­ing at the time he did not “have any­thing to hide.”

Ear­li­er this month and more than four months after Terra’s implo­sion, a South Kore­an court issued a nation­al war­rant for his arrest, lead­ing to the request by pros­e­cu­tors to Interpol.

At the begin­ning of May, aggres­sive liq­ui­da­tions cre­at­ed a hyper­in­fla­tion­ary death spi­ral for Terra’s LUNA token and UST, wip­ing out near­ly $30 bil­lion from the Ter­ra ecosys­tem and a fur­ther $30 bil­lion from the wider cryp­to market.

Terra’s col­lapse sent a seis­mic con­ta­gion shock­wave through­out the cryp­to mar­ket in May, trig­ger­ing bil­lions of dol­lars in loss­es across its ecosys­tem as well as across projects, lenders and hedge funds.

“In hind­sight, I think we should have been more skep­ti­cal,” Kwon said dur­ing an inter­view with Coinage last month. At the time, the founder blamed a leak from with­in his com­pa­ny that ulti­mate­ly led to the stablecoin’s down­ward spiral.

The failed algo­rith­mic sta­ble­coin project has also drawn addi­tion­al atten­tion to the indus­try from law­mak­ers in the EU and US, who have since craft­ed leg­is­la­tion designed, they say, to reduce or pre­vent fur­ther sta­ble­coin harm.

“INTERPOL can­not com­pel the law enforce­ment author­i­ties in any coun­try to arrest some­one who is the sub­ject of a Red Notice,” an agency FAQ reads.

Whether the glob­al notice results in Do Kwon’s arrest will depend on his actu­al loca­tion and the local author­i­ties’ will­ing­ness to act on it.


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  • Sebas­t­ian Sinclair

    Block­works

    Senior Reporter, Asia News Desk

    Sebas­t­ian Sin­clair is a senior news reporter for Block­works oper­at­ing in South East Asia. He has expe­ri­ence cov­er­ing the cryp­to mar­ket as well as cer­tain devel­op­ments affect­ing the indus­try includ­ing reg­u­la­tion, busi­ness and M&As. He cur­rent­ly holds no cryptocurrencies.

    Con­tact Sebas­t­ian via email at [email pro­tect­ed]

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