The Seoul Southern District Prosecutors’ Office announced on Monday that Interpol had issued a “red notice” for Do Kwon, the South Korean co-founder of Terraform Labs.
This month, South Korean police requested assistance from the International Police Organization in locating Mr. Kwon.
The South Korean government investigated Mr. Kwon and his company after the values of their cryptocurrencies, LUNA and TerraUSD, crashed in May, contributing to a $300 billion crash in the crypto market.
Following allegations of tax evasion and fraud, investors were outraged, and calls for an investigation into Mr. Kwon and his company were made.
According to the Seoul Southern District Prosecutors’ Office, Mr. Kwon and five others were put on the arrest radar last week on suspicion of breaking the country’s financial rules. At the time, Mr. Kwon was believed to be in Singapore. According to the Singaporean media, the police have informed them that he is no longer in Singapore.
After the arrest warrant was issued in South Korea, Mr. Kwon took to Twitter to express his willingness to cooperate with investigators.
“I am not on the run or anything similar,” he tweeted.
Prosecutors told the South Korean news agency Yonhap that Mr. Kwon was “clearly on the run.“
According to Interpol, a “red notice” alerts law enforcement authorities worldwide to locate and temporarily arrest a fugitive pending extradition, surrender, or other legal action.
If Mr. Kwon is apprehended outside of the country, he must be returned to Korea. There is no extradition treaty between South Korea and Singapore. According to official sources, South Korean prosecutors have requested that Mr. Kwon’s passport be revoked.
South Korea quickly became one of the world’s major virtual currency markets after experiencing its first cryptocurrency boom in 2017, ranking third in 2019 behind the United States and Japan.
According to the country’s Financial Services Commission, by the end of last year, the country’s cryptocurrency holdings had grown to 55 trillion won, or approximately $46 billion, and more than 15 million people had signed up to use trading platforms.
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