The International Police (Interpol) has asked law enforcement agencies all around the world, to find and arrest the founder of the failed cryptocurrency –Terra, Do Kwon, thus declaring him wanted in 195 countries.
To this effect, the InterPol has issued a red notice for the 31-year-old, who is accused of fraud over the company’s $40 billion collapse.
Reacting to the news of his red notice, The allegedly fraudulent founder of Terra has been making light of the situation, as is evident from some of his tweets, where he major says he is “making zero efforts to hide” and “writing code in his living room.”
When questioned further on the InterPol notice, Kwon said he “found nothing” adding a link to Interpol’s website to his tweet, and response to inquiries about his whereabouts from the crypto community, he states that he “goes on walks and malls, no way none of CT hasn’t run into me the past couple weeks.”
Thus, the Terra founder has constantly maintained that he was not on the run nor hiding from the authorities. According to him, he is cooperative with governments that are in touch, but he refused to respond to questions asking if he was still in Singapore.
Do Kwon allegedly flew to Singapore in May, prior to the Terra crash, but the authorities say he’s no longer there.
An arrest warrant was issued earlier this month by the South Korean authorities who have already declared him a fugitive.
South Korean prosecutors therefore asked Interpol to place him on the red notice list, which the latter has now done complied with, and asked the foreign ministry in Seoul to revoke his passport, saying that Do Kwon was “on the run.”
They have also issued arrest warrants for five other people (unnamed), who are linked to the so-called stablecoin Terra and its sister token Luna.
Stablecoins are designed to have a relatively fixed price and are usually pegged to a real-world commodity or currency, mostly USDT – but Terra’s value collapsed during this year’s wider cryptocurrency crash.
The Terra Luna system collapsed in May, with the price of both the stablecoin and the tokens, nosediving to almost zero, and the fallout hitting the wider crypto-market.
From a $116 high in April, a Terra coin is now worth less than $0.0002, unfortunately.
Crypto investors globally, lost an estimated $42 billion due to the dump of both coins, according to blockchain analytics firm Elliptic. These lost funds for some investors, were their life savings, and a majority of the investors in this category took to Twitter to complain and call out Do Kwon, who did nothing to fix the failure of his coins. South Korean authorities have thus opened several criminal probes into the crash.
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