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Do Kwon, the leader of a bankrupt crypto company, is wanted by Interpol.

Marian RomainebyMarian Romaine
September 26, 2022
in News
0
Do kwon of Terra wanted by interpol

Do Kwon, the creator of the abandoned cryptocurrency Terra, has been requested to be located and detained by law enforcement agencies worldwide by Interpol. the 31-year-old has received a red notice after being charged with fraud in connection with the $40 billion bankruptcy of the corporation

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Do Kwon, the creator of the abandoned cryptocurrency Terra, has been requested to be located and detained by law enforcement agencies worldwide by Interpol.

According to BBC Korean, the 31-year-old has received a red notice after being charged with fraud in connection with the $40 billion bankruptcy of the corporation.

In his native South Korea, an arrest warrant was issued earlier this month.

Do Kwon travel by plane to Singapore in May, just before Terra crashed, but according to the authorities, he has since left?

Interpol has now put Do Kwon on the red alert list after South Korean prosecutors requested it, and they also asked Seoul’s foreign ministry to withdraw Do Kwon’s passport, claiming that he was “on the run.”

While he has denied being in hiding, he has been mum regarding his location.

In connection with the alleged stablecoin Terra and its sister token Luna, prosecutors have also issued arrest warrants for five additional individuals. These individuals have not been identified.

Stablecoins are intended to have a largely constant price and are typically anchored to a physical good or currency; nonetheless, Terra’s value plummeted during this year’s general cryptocurrency crash.

When the Terra Luna system failed in May, the value of both tokens fell to almost nothing, and the repercussions spread to the rest of the cryptocurrency market.

A Terra coin’s value has dropped from a $116 peak in April to less than $0.0002.

According to blockchain analytics company Elliptic, investors in the two coins lost an estimated $42 billion globally.

Several criminal investigations regarding the disaster have been started by South Korean authorities, and several investors lost their whole life savings.

Tags: BBC Koreacrypto companyDo kwon of Terra wanted by interpolfraud
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

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