Business In News
- Terraform Labs Founder Do Kwon has reportedly been issued a Red Notice by Interpol
- South Korean authorities had submitted the request to issue a red notice to Kwon, which now seems to have been accepted by the International Police Organization.
A “red notice” has been issued against Terraform Labs founder Do Kwon. Kwon, popularly known as the founder of cryptocurrency Luna, is currently being prosecuted by South Korean authorities for allegedly violating the Capital Market Law
Terraform Labs Founder Do Kwon Is Now On Interpol’s Radar
Per a Bloomberg report, the Terraform Labs founder, Do Kwon, has been issued the notorious Red Notice from Interpol. The report cites a text message received from the South Korean authorities, confirming the fact that Do Kwon is actively being pursued by Interpol.
According to Interpol, a “red notice” is a request to law enforcement worldwide to locate and track a provisionally arrested person pending extradition, surrender, or similar legal action.
The news comes a week after the South Korean authorities submitted a formal request to Interpol to issue a red notice against him. The request seems to have been accepted by the international police organization.
The search for the Luna crypto founder has intensified in the past few weeks, with the South Korean authorities amping up their efforts to arrest Do Kwon. Do Kwon is currently being prosecuted in his homeland on charges related to the violation of the Capital Markets Law. Kwon was earlier reported to have been residing in Singapore. However, a statement issued by the Singapore police confirmed that Do Kwon is not in the city-state, leading the officials to ramp up their efforts to locate Kwon.
In addition, Kwon later issued multiple clarifications via Twitter, dismissing such allegations and adding that he is ready to cooperate with judicial authorities. However, Kwon did not reveal his location to the authorities.
Moreover, the South Korean authorities left no stone unturned in their efforts to locate and prosecute Kwon. The authorities had first submitted a request to the South Korean Ministry of Foreign Affairs to invalidate the passport of Do Kwon, followed by submitting another request to Intepol concerning the issuance of the red notice.
Kwon landed himself in troubled waters after the intense crash of the Luna cryptocurrency in May 2022. The Terraform Labs founder was accused of conducting fraudulent and deceptive activities in the crypto space, which ultimately harmed investors and consumers. The crash was massive in terms of scale and resulted in the loss of $42 billion worth of investor funds.