Home News Getting Into The Entire Do Kwon Debacle


27 Sep 2022

Getting Into The Entire Do Kwon Debacle

The disgraced founder of the Terra ecosystem, Do Kwon, has been the subject of media attention for several months now. Do Kwon is without a doubt the most notorious person in the cryptocurrency sector right now. This is due to the fact that his crypto project was a complete and utter disaster. And that he is sought by authorities in many countries.

An outcry ensued after the failure of the Terra cryptocurrency (Luna) and the so-called stablecoin TerraUSD (UST). This resulted in the loss of $40 billion in investor capital. As a result of this outrage, the prosecutors began investigations against Kwon and his associates. According to the prosecutors on Monday, he is the subject of criminal accusations in South Korea.

Additionally, Interpol has issued a red notice for Do Kwon, urging that law enforcement authorities all around the globe look for and arrest the founder of Terraform Labs, a blockchain business that failed earlier this year.

According to the information provided by Interpol, Red Notices are sent to fugitives who are sought for either prosecution or to fulfill a sentence. This notice is a plea to all law enforcement agencies throughout the globe to find and apprehend the individual in question. This might then result in the individual being extradited.

However, South Korean officials have ordered that the cryptocurrency exchanges OKX and Kucoin freeze 3,313 Bitcoin (BTC) that are apparently connected to Do Kwon. Kwon is the co-founder of Terra blockchain company Terraform Labs.

It was stated that Kwon opened a new wallet on September 15, only one day after a Korean court issued an arrest warrant against the fugitive cryptocurrency pioneer. Kwon is now on the run from the Korean police in connection with the securities violation case.

Also Read:  Report by SPLC on Extremists and Crypto

Where is Do Kwon Now?

According to reports, the Seoul Southern District Prosecutors’ Office in South Korea issued a summons to Kwon in order to question him regarding his company’s alleged violations of capital markets law in relation to the significant financial losses incurred by investors as a result of Terra’s collapse. The purpose of this questioning was to gather additional information.

In the meanwhile, Kwon said in a tweet that he sent on Monday that he has no intention of concealing himself from anybody. This is including the government authorities who are searching for him. Kwon said that he has been out and about in public more often during the last several weeks. He has mentioned that he goes for walks and even visits shopping malls.

Kwon also said that he does not see his name on the “Red Notice” list that is maintained by Interpol. These warnings are not always made available to the public by the agency.

According to a spokesman, the Seoul Southern District Prosecutors’ Office believes that Kwon is still evading capture.

According to his Twitter location, Kwon is now in Singapore. However, earlier this month, the Singapore Police Force said that Kwon was not present in the city-state. This was at the time of their investigation.