A “Red Notice” has been issued by Interpol to law enforcement worldwide for the arrest of Terraform Labs co-founder Do Kwon.
Cited to the Interpol website, a Red notice is a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.”
Terraform Labs is the developer that created the Terra blockchain network and Anchor, an inter-chain DeFi application that pools emissions from proof-of-stake (PoS) blockchains, stabilizes them, and passes them along to depositors as fixed, high-yield returns.
South Korean Prosecutors Asked Interpol to Issue a “Red Notice” for Terraform Labs co-founder Do Kwon
On Monday, Seoul prosecutors told Bloomberg the notice was issued in response to charges Kwon faces related to the collapse of the Terra ecosystem in South Korea.
Interpol was reportedly asked by South Korean prosecutors to issue a “Red Notice” on Sept. 19 against Kwon.
A warrant for Kwon’s arrest was also issued less than two weeks after he and five other associates were accused of violating capital markets laws in South Korea.
Do Kwon Whereabouts
Kwon previously was believed to have lived in Singapore, but on Sept. 17 authorities announced he wasn’t there, with Kwon saying hours later he wasn’t “on the run.”
“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,” tweeted him.
The Terra ecosystem that Kwon founded collapsed following the loss of the United States dollar peg on TerraUSD (UST) (now TerraUSD Classic (USTC)) in May, causing billions in cryptocurrency liquidations.
On the other hand, a spokesperson for the prosecutor’s office said, ““We are doing our best to locate and arrest [Kwon]. He is clearly on the run as his company’s key finance people also left for the same country during that time.”