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  /  cryptocurrency   /  Do Kwon is Now Officially Labelled ‘Fugitive’! Interpol Issues Red Notice Against Him
Do Kwon

Do Kwon is Now Officially Labelled ‘Fugitive’! Interpol Issues Red Notice Against Him

Interpol issues arrest warrant for Do Kwon, the Terra co-founder is now officially a fugitive

Unsurprisingly, the Interpol is now involved and wants a piece of Do Kwon, the disgraced co-founder of the Terra ecosystem, which disintegrated dramatically according to multiple news outlets. The Singapore Police Force issued an arrest warrant for Kwon, who was said to be out of the country at the time. He is thought to own a home in Singapore. Following the uproar over Kwon’s whereabouts, it appears that Interpol was simply giving him time to appear. Last week, Kwon tweeted, “I am ‘not on the run’ or anything similar.”

 

Do Kwon claims he is not fleeing the cops

To make light of the situation, Kwon tweeted that he only wanted to “cut some calories.” It’s unclear where he was. South Korean prosecutors, on the other hand, have already stated that Kwon is “clearly on the run” and is not cooperating with them. The International Criminal Police Organization (Interpol) has issued a Red Notice to Do Kwon, who is wanted on charges related to the US$45 billion wipeout of cryptocurrency he created, according to South Korean police, requesting that law enforcement agencies around the world find and apprehend him.

 

What exactly is a red notice?

The term “Red Notice” simply refers to an arrest warrant. It is a “Wanted Notice” issued by Interpol at the request of a member country and sent to all Interpol member countries, detailing a wanted person and requesting their arrest with the intent of “surrender, extradition, or equivalent legal action.” Do Kwon has previously tweeted that Terraform Labs is “defending itself” across multiple jurisdictions. He stated to the South Korean government that they will be “completely cooperative” with any agency that expresses an interest in communicating with them. TerraUSD (UST), an algorithmic stablecoin that rapidly de-pegged from the US dollar, crashed catastrophically in May, drawing heavy criticism from Seoul-based Terraform Labs. The intent is to “surrender, extradite, or take equivalent legal action.” US$45 billion was lost in an ambitious cryptocurrency dream.

According to CoinGecko data, the combined market capitalization of UST and its sibling coin LUNA fell by approximately US$45 billion in the seven days following the implosion. Because of the ensuing liquidity crisis, many crypto lenders and hedge funds, including Celsius, Voyager, and Three Arrows Capital, went bankrupt. Meanwhile, neither Kwon nor Interpol responded quickly to requests for comment via e-mail. According to Benzinga Pro, the selling price for Terra on Sunday was US$2.17, an 11% decrease from Friday’s close. Bitcoin has lost 10.7% of its value in the last day, while Ethereum has lost 9.8 percent.

A “red notice,” according to Interpol, alerts law enforcement agencies around the world to locate and temporarily arrest a fugitive pending extradition, surrender, or other legal action. Mr. Kwon will have to be repatriated if he is arrested outside of South Korea. South Korea and Singapore do not have an extradition treaty. According to officials, South Korean prosecutors have requested that Mr. Kwon’s passport will be revoked. After experiencing its first cryptocurrency boom in 2017, South Korea quickly became one of the world’s largest virtual currency markets, ranking third in 2019 only behind the United States and Japan. According to the country’s Financial Services Commission, the country’s cryptocurrency assets increased to 55 trillion won (US$46 billion) at the end of last year, with over 15 million registered users of trading platforms.