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.
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