Terra LUNA Co-founder, Do Kwon, in Fire

Unsurprisingly, Interpol is now engaged and wants a piece of Do Kwon, the discredited co-founder of the Terra ecosystem, which crumbled dramatically in May, according to numerous news agencies on Monday.

The Singapore Police Force issued an arrest warrant for Kwon, who was alleged to be out of the country at the time. He is thought to possess a home in Singapore.

Following the uproar over Kwon’s disappearance, it appears that Interpol was only giving him time to appear. Last Monday, Kwon tweeted, “I am ‘not on the run’ or anything related.”

 

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.

On the other hand, South Korean prosecutors have previously said that Kwon is “obviously on the run” and is not collaborating with them.

The International Criminal Police Organization (Interpol) has ordered a Red Notice to Do Kwon, who is wanted on charges related to the US$45 billion wipeout of cryptocurrencies 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 word “Red Notice” simply refers to an arrest warrant. It is a “Wanted Notice” issued by Interpol at the request of a member country and distributed to all Interpol member countries, outlining a wanted person and requesting their arrest with the goal of “surrender, extradition, or comparable legal action.”

Do Kwon has already tweeted that Terraform Labs is “defending itself” in multiple jurisdictions.

He stated to the South Korean government that they would be “completely cooperative” with any agency that indicates an interest in interacting with them.

TerraUSD (UST), an algorithmic stablecoin that swiftly de-pegged from the US dollar, crashed catastrophically in May, drawing strong criticism from Seoul-based Terraform Labs.

 

$45 billion was lost in an ambitious cryptocurrency dream

According to CoinGecko data, the aggregate market capitalization of UST and its twin coin LUNA fell by almost $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 reacted swiftly to requests for comment via e-mail.

According to Benzinga Pro, the selling price for Terra on Sunday was $2.17, an 11% decrease from Friday’s close. Bitcoin has dropped 10.7 percent of its value in the last day, while Ethereum has lost 9.8 percent.

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Obinna Umeh

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