Saturday 3 December 2022
Home / none / Breaking: Interpol ‘Red Notice’ issued for Do Kwon — South Korea prosecutors

Breaking: Interpol ‘Red Notice’ issued for Do Kwon — South Korea prosecutors

Interpol has reportedly issued a “Red Notice” to law enforcement worldwide for the arrest of Terraform Labs co-founder Do Kwon.

South Korean prosecutors in Seoul on Monday told Bloomberg the international policing organization issued the notice in response to charges Kwon faces in South Korea related to the collapse of the Terra ecosystem.

The news comes only a week after South Korean prosecutors reportedly asked Interpol to issue a “Red Notice” for Kwon on Sept. 19.

A Red notice is a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action” according to the Interpol website.

It also comes less than two weeks after South Korean authorities issued an arrest warrant for Kwon and five other associates for alleged violations of the country’s capital markets laws.

Kwon was previously believed to have been residing in Singapore, but local authorities said on Sept. 17 he wasn't in the country, with Kwon saying hours later he wasn't “on the run," though he didn't reveal his location.

Related: South Korea issues arrest warrant for Terra founder Do Kwon

The Terra ecosystem Kwon co-founded crashed after its algorithmic stablecoin TerraUSD (UST) (now TerraUSD Classic (USTC)) lost its United States dollar peg in May causing billions of dollars worth of liquidations across the cryptocurrency market.

Original Article

About Jude Savage

Check Also

The future of smart contract adoption for enterprises

Decentralized finance (DeFi) markets may have cooled down over the past year, but the technology powering these applications continues to advance. In particular, smart contract platforms that enable transactions to take place across DeFi applications are maturing to meet enterprise requirements. While it’s notable that enterprises have previously shown interest in DeFi use cases, smart contract limitations have hampered adoption. A report published by Grayscale Research in March puts this in perspective, noting that “Despite handling millions of transactions per day, smart contract platforms in their current state would be incapable of handling even 10% of the worlds’ internet traffic.” This notion is particularly troublesome considering the market opportunity behind DeFi. For instance, Grayscale Research’s report mentions that DeFi and Metaverse applications combined are likely to have a market capitalization much larger than the current digital asset market. How smart contracts ar..

Leave a Reply

Your email address will not be published. Required fields are marked *