South Korea Asks To Put Terra Co-Founder On Red Notice, Do Kwon Says He’s “Not On The Run”

South Korean authorities have asked Interpol to put Do Kwon, co-founder of the defunct Terraform Labs, on red notice–a measure usually activated to entail law enforcement worldwide to locate and provisionally arrest a person on behalf of the local prosecutors.

The Seoul Southern District Prosecutors’ Office also asked the country’s foreign ministry to cancel Kwon’s passport, alleging that he was “obviously on the run and has no intention to appear before us for questioning.”

“We have begun the procedure to place him on the Interpol red notice list and revoke his passport,” the office said.

The move comes after the office sought a South Korean court for a warrant to effect Kwon’s arrest, still pertaining to the collapse of his firm’s stablecoin TerraUSD and its LUNA coin–which overall lost around US$40 billion in the total Terra ecosystem.

However, Kwon maintains he is not on the run, but rather “in the process of defending ourselves in multiple jurisdictions.”

“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,” he tweeted.

The former crypto firm chief added that he looks forward to “clarifying the truth over the next few months.” But, nevertheless, he seems to be determined in keeping mum on his whereabouts.

In Singapore–Kwon’s last known location–authorities claim that he is not in the state, but agreed to assist South Korea in its investigation.

“We are doing our best to locate and arrest him,” a spokesperson for the prosecutors’ office said. “He is clearly on the run as his company’s key finance people also left for the same country during that time.”

Wherever he is, Kwon seems to be the least bothered by all the recent legal actions against him.


Information for this briefing was found via Financial Times and the other sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

SEC Seeks $4.2 Billion Disgorgement, Penalties Against Terra, Do Kwon

In the ongoing legal battle between the Securities and Exchange Commission (SEC) and Terraform Labs...

Monday, April 22, 2024, 12:21:00 PM

Terra Blockchain Temporarily Halted Amid Implosion of LUNA, Terra

Evidently, not all crypto is as decentralized as claimed. It was announced this morning that...

Thursday, May 12, 2022, 01:08:25 PM

Janet Yellen Renews Call For Federal Regulatory Framework For Stablecoins… Again

US Treasury Secretary Janet Yellen once again reiterated the call to put stablecoins under a...

Saturday, July 2, 2022, 11:14:00 AM

Kwonzi Scheme: SEC Charges Terraform, CEO Do Kwon For $40-Billion Dollar Fraud

The Securities and Exchange Commission (SEC) on Thursday charged Terraform Labs and its CEO Do...

Friday, February 17, 2023, 11:28:00 AM

Terra 2.0: The Blockchain That Lost US$60 Billion Is Back, Loses 68% On First Day

When someone causes investors to lose up to US$60 billion, you’d expect authorities to put...

Monday, May 30, 2022, 11:37:00 AM