- An Interpol Red Notice has been issued for Do Kwon
- The Terraform Labs founder has denied he is on the run
- A red notice means that Kwon can be arrested wherever he is in the world
South Korean authorities have issued a Red Notice for Terraform Labs co-founder Do Kwon, who faces charges related to the $60 billion wipeout of the Terra USD and LUNA cryptocurrencies he created. Kwon, who has denied he is on the run, can now be sought and arrested by the Singaporean police who, until now, have held off from searching for him. Bloomberg has reported that prosecutors in Seoul informed them via text message the international police organisation has issued a Red Notice for Kwon, although at the time of writing they have not confirmed that this is the case.
Kwon Facing Securities Law Charges
Kwon has been in something of a standoff with South Korean authorities for the past two weeks, ever since an arrest warrant was issued for him on behalf of the Seoul Southern District Prosecutor’s Office’s Financial, acting on information from the Securities Crime Unit. Kwon is among six Terra executives residing in Singapore, including founding members Kwon and Nicholas Platias, all of whom are wanted on the same or similar charges.
Prosecutors believe that cryptocurrencies Terra USD and Luna are considered “investment contract securities” under the Capital Market Act, and it may well turn out that Kwon’s cavalier attitude towards the running of the Terra protocol and the tens of millions of dollars that were tied up in it could come back to haunt him.
Kwon Can be Arrested and Extradited
The Interpol website says that a Red Notice is a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.”
There are currently over 7,000 Interpol Red Notices issued at the moment, and Kwon’s name is not yet among them, suggesting that the rubber stamp is yet to be applied.
