South Korean prosecutors have reportedly asked Interpol to intervene in their case against Terra co-founder Do Kwon, issuing a “red notice” suggesting law enforcement around the world might try to find and apprehend him.
According to a report by the Financial Times on Monday, Seoul’s Southern District Prosecutor’s Office said it had “started the process” of putting Kwon on Interpol’s “red notice” list following steps to revoke the Terra co-founder’s passport while he was in Singapore. Interpol’s website states that a “red notice” requires authorities to “locate and temporarily arrest a person awaiting extradition, extradition or similar legal action,” but the agency cannot force local law enforcement to arrest the subject of such a notice.
“We are doing our best to find and arrest [Kwon]”, – said the representative of the prosecutor’s office. “He is clearly on the run, as key financial specialists of his company also left for the same country at the time.”
Kwon continued to be active on social media amid possible arrest and prosecution. reported on Sunday that the Terra co-founder said he was “not ‘on the run’ or anything like that” but did not reveal his whereabouts – his Twitter account still showed he was in Singapore at the time of publication. Reuters reported on Saturday that Singapore authorities said Kwon was no longer in the country, having moved there from South Korea in April.
Dear CT – I will tell you what I do and where I am if:
1) we are friends
2) we have plans to meet
3) We participate in the gps based web3 game
Otherwise, you have nothing to know my GPS coordinates.
— Do Kwon (@stablekwon) September 17, 2022
The ongoing saga with Kwon and Terra began in May when the TerraUSD Classic (USTC) algorithmic stablecoin — originally TerraUSD (UST) — depegged to the US dollar and fell to near zero within a few weeks. The price of Terra (LUNA) – now Terra Classic (LUNC) – has also fallen due to liquidity issues reported on platforms including Celsius.
Kwon, some Terra employees, and the company have been the subject of an investigation by South Korean financial authorities who reportedly ransacked the offices of cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax in July. On September 14, a South Korean court reportedly issued an arrest warrant for Kwon, as well as five individuals associated with Terra, for alleged violations of capital markets laws. However, South Korea does not have an extradition agreement with Singapore.
Also Read: South Korean Prosecutor’s Office Files Petition to Annul Passports of Do Kwon and Other Terra Employees
Of the 69,270 people on the agency’s red list, 7,151 have been publicly identified, according to Interpol. At the time of publication, Kwon was not among them, and the only South Korean citizen was 59-year-old Lee Chang-hwan, who is wanted by the Indian authorities.