Interpol has released an official Red Notice for Terraform Labs founder Do Kwon, after the Seoul Southern District Prosecutors’ Officer announced that it is looking for him.
What this means is that authorities around the world will be on high alert for Kwon’s whereabouts and potentially arrest him and extradite him back to South Korea where he will most likely stand trial.
South Korean prosecutors allege that Do Kwon purposefully contributed to the collapse of the Terra and Luna USD tokens.
Kwon has denied any involvement or intent in the matter and said that the project just ended up unsuccessfully rather than being any foul play.
However, South Korean authorities are not convinced. The crash caused $2tr worth of market value to be wiped out in one of the biggest routs the industry has seen to date.
Kwon, who is said to have been hiding in Singapore, is still on the run and his exact whereabouts are unknown.
Prosecutors have insisted that he is on the run as acknowledgement of his guilt. Kwon has been giving interviews to various outlets.
In a recent appearance for Coinage, he argued that the entire team behind the Terraform labs project should be more skeptical about it, but that is a hollow succor for the people who have lost hundreds of thousands on the stablecoin.
Stablecoins are not supposed to crash by design as their value must be pegged to the value of the currency they are tied to – usually the US dollar.
Because of this inherent mechanism of stablecoins, South Korean prosecutors are convinced that Kwon has contributed to the fall of the currency through illegitimate means.
Whether this is true remains to be seen. The Red Notice may help to bring Kwon to justice before prosecutors.
In the meantime, you can use trusted cryptocurrencies and paly at 1xBit, FortuneJack or Bitcasino.io.