Interpol seeks arrest of failed crypto-firm boss Do Kwonon September 26, 2022 at 11:24 am

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Agency asks police forces around the world to seek and detain the South Korean businessman.

Do Kwon

Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed cryptocurrency Terra.

BBC Korean says a red notice has been issued for the 31-year-old, who is accused of fraud over the company’s $40 billion collapse.

An arrest warrant was issued in his native South Korea earlier this month.

Do Kwon flew to Singapore in May – before Terra crashed – but the authorities say he’s no longer there.

South Korean prosecutors had asked Interpol to place him on the red notice list – a request it has now complied with – and asked the foreign ministry in Seoul to revoke his passport, saying that Do Kwon was “on the run”.

He has denied that he is in hiding, but has not revealed his whereabouts.

The BBC is not responsible for the content of external sites.View original tweet on Twitter

Prosecutors have also issued arrest warrants for five other people – who have not been named – linked to the so-called stablecoin Terra and its sister token Luna.

Stablecoins are designed to have a relatively fixed price and are usually pegged to a real-world commodity or currency – but Terra’s value collapsed during this year’s wider cryptocurrency crash.

The Terra Luna system collapsed in May, with the price of both tokens plummeting to near zero, and the fallout hitting the wider crypto-market.

From a $116 high in April, a Terra coin is now worth less than $0.0002.

Globally, investors in the two coins lost an estimated $42 billion, according to blockchain analytics firm Elliptic.

Some investors lost their life savings, and South Korean authorities have opened several criminal probes into the crash.

- Advertisement -

Discover

Sponsor

Latest

Commonwealth Games 2022: Muzala Samukonga wins 400m gold as Matt Hudson-Smith takes silveron August 7, 2022 at 10:53 am

Watch Zambia teenager Muzala Samukonga produce an incredible surge in the final 100m to beat England's Matt Hudson Smith to 400m gold with a...

NeWater: Turning urine into beer in Singaporeon May 25, 2022 at 11:06 pm

Singapore's water agency came up with the drink to raise awareness of its scarcity issues.

World Cup 2022: Behind the scenes of Lionel Messi’s legendary semi-final performance against Croatiaon December 16, 2022 at 6:43 pm

Watch behind-the-scenes footage and match action from Lionel Messi's stunning semi-final performance in Argentina's World Cup semi-final win against Croatia.Watch behind-the-scenes footage and match...

Covid: 16 and 17-year-olds in England to be offered jab by 23 Auguston August 14, 2021 at 11:20 pm

Those in England will be offered a jab or the chance to book one by 23 August, the government says.image sourcePA MediaAll 16 and...

Energy bills: Liz Truss ‘plans to tackle rising charges with tax cuts’on August 28, 2022 at 6:49 pm

The Tory leadership contender prefers tax cuts to direct support to tackle energy charges, her team says.Image source, Getty ImagesLiz Truss has "ruled out"...