Do Kwon may face an Interpol red notice as the net tightens

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Last Updated on September 19, 2022 by Bitfinsider

South Korean prosecutors have indicated that Do Kwon, the mastermind of a US$60 billion (RM273 billion) cryptocurrency wipeout, is facing an Interpol red notice and is attempting to avoid justice for a meltdown that roiled digital assets.

“We are in the process of it,” the prosecutors’ office said on Monday when asked if it had asked Interpol to intervene. A red notice requests assistance from law enforcement around the world in order to make an arrest.

Kwon had relocated from South Korea to Singapore, where his now-defunct Terraform Labs project had a base, but the city-state claimed he was no longer present. Kwon’s whereabouts are unknown, and he denies being on the run, despite the fact that prosecutors in Seoul are seeking his detention on suspicion of violating capital-markets law.

The prosecutors’ office previously stated that there had been “circumstantial evidence of escape” since he left for Singapore, which is why an arrest warrant was issued in the first place.

The collapse of the TerraUSD algorithmic stablecoin and its sister token Luna triggered massive losses in cryptocurrency markets, which were already reeling from tightening monetary policy. Digital assets have yet to recover, and regulators are combing through the ruins to figure out how to avoid a repeat. In South Korea, earlier enthusiasm for cryptocurrency is giving way to growing disdain.

Kwon tweeted over the weekend that he had “nothing to hide” and was “fully cooperating” with authorities, but he did not reveal his location.

“We are defending ourselves in multiple jurisdictions — we have held ourselves to an extremely high standard of integrity, and look forward to clarifying the truth over the next few months,” he added on Twitter.

However, prosecutors told the Yonhap News Agency in a report that Kwon was not cooperating with investigations and had told investigators via an attorney that he had no intention of appearing before them for questioning.

Kwon, along with five others, has been arrested in South Korea in connection with the Terra unraveling. Officials could revoke his passport, requiring him to return to Seoul within 14 days of receiving the notice of revocation.

According to government records, he has a Singapore employment pass that is set to expire on December 7, and an application for another pass is pending.


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