- In conjunction with Kwon’s actions, police have also detained one close aide.
- Kwon is the subject of a “Red Notice” from Interpol, the international police agency.
On Thursday, South Korean officials started the process of revoking the passport of Do Kwon, founder of Terraform Labs, whose firm was responsible for the stunning $60 billion crash of cryptocurrencies. In conjunction with Kwon’s actions, police have also detained one close aide.
The South Korean foreign ministry has demanded that Kwon hand up his passport by October 19 or risk having it revoked.
After the collapse of TerraUSD and Luna wiped billions off the cryptocurrency market and sent shockwaves throughout the industry, the saga between Kwon and South Korean authorities has only heated up. Both of those cryptocurrencies were created by Kwon’s firm, Terraform Labs.
Red Notice by Interpol
Last month, South Korean authorities reportedly attempted to arrest Kwon but were unsuccessful. According to the prosecution, Kwon is the subject of a “Red Notice” from Interpol, the international police agency. Fugitive sought for prosecution or to serve a sentence may be given such a notice.
However, Kwon claims he is not hiding. Nobody knows where he is at the moment. The prosecutors in Seoul’s Southern District are on the trail of Kwon because they believe he and five others committed fraud and other violations of the law governing capital markets.
So far, there has been no issuance of an arrest warrant. However, if police have reason to believe that a suspect will attempt to flee, they can make an arrest. Within 48 hours following an arrest, a warrant must be filed or the suspect must be released.
Prosecutors in South Korea have also asked KuCoin and OKX, two cryptocurrency exchanges, to seize over $60 million worth of bitcoin that are associated with Kwon.
Recommended For You: