Terraform Labs Won't Say Where Is Do Kwon, Wanted By Interpol
✍️ 29 September, 2022 - 17:47 👤 Editor: Jakub Motyka
- Do Kwon is being wanted by Interpol due to everything related to the fall of Terra.
- Terraform Labs will not provide support to the authorities and points out that the case has been "politicized".
- At the moment, Do Kwon's whereabouts remain a mystery.
Do Kwon, the well-known founder of Terra, is currently wanted by interpol worldwide, with a red notice. After the fall of his stablecoin, the founder of the company has come under great global scrutiny, being investigated for fraud. During the past months, the offices of Terra and other collaborators in the fraud were investigated, which was one of the most serious triggers of the crypto winter.
Earlier this year, South Korea issued an arrest warrant for Do Kwon and others involved in the fall of Terra. Hand in hand they also requested to revoke the passport of Kwon and his collaborators, making it impossible for those still in Korea to leave the country. At the moment, Do Kwon continues to hide in Singapore, a country that does not have extradition treaties with Korea.
South Korea Requests Interpol Red Notice
The Korean authorities themselves, in view of what is happening, have asked interpol to place a red notice on Do Kwon. Despite everything that the authorities have mentioned, through a tweet, Do Kwon has denied that he is in hiding, and that he is willing to collaborate with interpol or any government agency. Recently, he has clarified that is doing routine activities and that he hasn't met any authorities in recent weeks.
On the other hand, another five involved also have arrest warrants from the Government of South Korea. These unknown individuals were also apparently involved in the Terra stablecoin crash in May of this year. Globally, this caused a crisis in the digital market, causing losses of up to USD 42 billion.
Will Terra Return To The Market?
With the help of his community and other collaborators, Terraform Labs project is reviving slowly. For now, he has indicated that he will avoid the algorithm that, according to his statements, was to blame for the currency's decline in the first place. Despite these motivations, many investors do not see this initiative with good eyes.
The fall of the currency caused large companies, such as Three Arrows Capital and Celsius, to be forced to withdraw from the market. Like this, other cryptocurrency lenders have had to declare bankruptcy or have had to return the money to their users, being unable to cover their commercial needs.
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