Posted by South Korean prosecutors have requested that Interpol issue a red notice against Terra and Luna founder Do Kwon, alleging the disgraced crypto mogul isn’t cooperating with investigators. (An Interpol red notice is essentially an appeal to law enforcement officials worldwide to arrest a given individual.) Accused of fraud and under investigation by the SEC, Kwon was believed to be in Singapore, though police there say he is not in the city-state.
The founder defended himself against charges that he’s on the run from investigators, writing on Twitter last weekend that “I am not ‘on the run’ or anything similar.” In response, prosecutors issued a statement that Kwon was “obviously on the run.” Kwon’s whereabouts remain unknown.
This is just the latest chapter in the ongoing saga of a massive crypto collapse that spooked the entire industry. Even if you’ve gone to great lengths to avoid reading anything that includes the word “stablecoin,” you might want to pay attention to this story—the May collapse of Kwon’s crypto company wiped out $40 billion of investors’ cash and sparked a broader crypto market crash, resulting in losses of about $500 billion.
That collapse sparked investigations into Kwon and Terraform Labs (his company), ultimately leading South Korea to issue an arrest warrant last week for him and five others connected to the company.
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