Do Kwon allegedly fled to Singapore to flee extradition, but is currently engaged in a multitude of legal battles following TerraUSD and Luna’s collapse.
One of the most high-profile stories in the cryptocurrency field this year was the collapse of TerraUSD, a supposed stablecoin cryptocurrency which was said to be as safe as the US Dollar. With its collapse came the domino effect of multiple adjacent crypto market values plummeting. Since then, Do Kwon, founder of Terraform Labs which was the group behind TerraUSD and Luna, has been in Singapore, but while Do Kwon has stated that his firm did not do anything criminal, Korean authorities have sought his arrest and mobilized global police forces to track him down. Interpol has issued a red order which calls for Kwon’s immediate arrest and detainment.
News of Interpol’s red notice for Do Kwon was confirmed via TechCrunch. According to the report, South Korean authorities and prosecutors have sought Do Kwon for alleged defrauding of investors over the collapse of TerraUSD and Luna. They have further accursed Do Kwon of not being cooperative and supposedly being “on the run” from authorities. For his part, Kwon does not believe he and his associates were involved in any wrongdoing and claims they have cooperated as necessary in the fallout of TerraUSD and Luna.
Source: Twitter
It is worth noting that Singapore, where Do Kwon is allegedly located, does not have an extradition treaty with South Korea. However, Interpol’s red notice calls on all authorities to cooperate regardless of such circumstances. Even so, Do Kwon maintained innocence up and as far as his final tweets on his personal Twitter on September 17.
“I am not ‘on the run’ or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide,” Kwon wrote in his thread. “We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.”
The collapse of TerraUSD and Luna has been one of the biggest stories in cryptocurrency this year. Even if authorities find and apprehend Do Kwon, whether it can be proven that he knowingly defrauded investors is another story, so stay tuned as we follow this story for further updates.
