Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors’ funds.
- Earlier this year, the Terra LUNA ecosystem collapsed, losing more than $45 billion in investors’ funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra’s collapse. He became a person of interest when Terra’s algorithmic stablecoin ($USTC formerly $UST) dropped to almost $0 within weeks.
- After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter describing himself with an “extremely high bar of integrity.”
- However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.
- Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.
See Related: Terra’s Do Kwon Wanted For Arrest By Seoul Court