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TERRA LABS: DO KWON IS WANTED BY INTERPOL

 


Arrest warrant issued for Do Kwon

The spectacular Terra saga continues with the misfortune of co-founder Do Kwon. After numerous law enforcement agencies investigated and brought charges against him, Do Kwon is now wanted internationally. Interpol has put a red flag on him, signaling law enforcement around the world to track him down and pillory him for fraud.


As is well known, Do Kwon’s troubles started with the collapse of the LUNA cryptocurrency and the fork of the Terra stablecoin. Among other things, the collapse took many crypto companies with it, such as the well-known crypto hedge fund Three Arrows Capital, and wiped out almost $40 billion worth of investor money.

The South Korean law enforcement authorities had already launched investigations against the Terraform founder and have doubled & intensified them in recent weeks. An arrest warrant was also issued in his name. Earlier this month, South Korean prosecutors specifically appealed to Interpol to issue a so-called “red notice”.


They claimed that Kwon was uncooperative in the investigation and now want to revoke his passport because he went into hiding. Kwon was suspected to be in Singapore, where he resides, but police have confirmed he is not currently there. However, Do Kwon has denied these claims, saying he is not on the run from authorities. Does this really correspond to the truth?

Several experts have criticized the arrest warrant in the name of Do Kwon. They believe this could set a false precedent in the industry as it could discourage innovators from launching their projects for fear of failure. Since Kwon has never publicly admitted to knowingly defrauding investors and customers, the arrest warrant in his name could be interpreted as official prosecution.


Since the crash, Kwon has revived the project with the support of a community vote. However, he has avoided the algorithmic stablecoin component of the project for the time being, which is known to have been at the heart of the TerraUSD depegging that caused LUNA to crash.

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