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Interpol has announced a Red notice on Terra founder Do Kwon. Do Kwon, was accused of a Ponzi scheme that cost him billions of won. The two tokens, called TerraUSD and Luna, lost $40 billion (USD). Kwon was sued by the Seoul government for violating the Capital Market Law of the nation. The government accused five more Terraform employees in the case.
The collapse of cryptocurrency prices showed a rapid decline in Terra token prices. The investors of both TerraUSD and Luna lost huge amounts of their assets in May. Stablecoins are designed to have fixed prices, but Luna dropped its price from $116 to $0.0002.
Seoul investigators have been searching for Kwon for the past two months. There is still no information about the founder of Terra in Seoul. Kwon, with more than 1 million followers on Twitter, was tweeting that “I’m making zero effort to hide. I go on walks and to malls, no way none of CT hasn’t run into me the past couple of weeks,”. He was tweeting publicly with 1 million followers, and yet the cops had no idea about his location.
Since July, the South Korean government has raided Kwon and some of the Terra employees, including Gopax, Coinone, Upbit, Bithumb, and Korbit. And the court issued a warrant to arrest Kwon and the other five members who are involved.
But Kwon denied the argument by saying, “We are in the process of defending ourselves in multiple jurisdictions. We have held ourselves to an extremely high bar of integrity, and we look forward to clarifying the truth over the next few months.”
The situation is now a puzzle for the Korean cops, so the country’s investigators requested Interpol to place Kwon on the Red notice list. Interpol is an international police organization that provides information to administrations and services by helping cross-border police cooperation resolve the international crime. To combat these upcoming situations in the future, many countries are adding certain regulations to their existing crypto policies.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
