Red Notice Issued by Interpol for Do Kwon

September 26, 2022 By Aaem Joshi

(Image Credit Google)

To find and apprehend Do Kwon, the founder of Terraform Labs, whose blockchain firm failed earlier this year, following which he wiped out nearly $40 billion of investors' money, Interpol has issued a red notice. According to the prosecution, Kwon is accused of stealing investors' money in South Korea. Additionally, several industry executives have recently stated that the notice against Do Kwon may set a bad precedent for the cryptocurrency industry and hinder innovation, especially if Kwon didn't intend to defraud investors and customers. Red Notice

Haseeb Qureshi, the Managing Partner of crypto investment fund Dragonfly, said on a recent podcast, "Having met Do Kwon … leaving how he is a person aside … I think the criminalization of Terra is a dangerous precedent." But Qureshi was careful to point out that he, like many others, does not fully understand the situation. Furthermore, in recent weeks, South Korean prosecutors have intensified their investigation into Kwon, accusing earlier this month that the businessman was "not cooperating" and "clearly on the run" despite Kwon's denials to the contrary. Early this month, they asked Interpol, the international police organization, to issue a red alert for Kwon. terra ust

The story of how Terraform went down in flames

Investors lost faith in the effectiveness of Terraform Labs' purported stablecoin UST and cryptocurrency LUNA in May, which led to a rapid price collapse. However, Kwon relaunched the cryptocurrency project with support from the Terraform community. But, he avoided the algorithmic stablecoin component. Unfortunately, due to their interdependence, the de-pegging of TerraUSD (UST), the company's former stablecoin, prompted the crash of the LUNA token.

More details

The meltdown of the LUNA coin completely destroyed Three Arrows Capital, formerly a prominent cryptocurrency hedge firm. The fund's bankruptcy had a significant negative impact on several cryptocurrency lenders, notably BlockFi, from whom it had borrowed enormous sums of money. Red Notice

On another note, South Korea issued an arrest warrant for Do Kwon earlier this month, which caused many investors to dump their holdings in the revived Luna token. Lastly, in a tweet earlier this month, Kwon stated, "We are in the process of defending ourselves in multiple jurisdictions — we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months."

By Aaem Joshi

I am a Journalist who loves digging up stories that remain unheard. Strongly Believe in the knowledge of the social world.

Red Notice Issued by Interpol for Do Kwon

The story of how Terraform went down in flames

More details

Walmart's GenAI Search Engine: Challenging Google's Dominance in Retail Search

Introducing the MSI Claw Handheld: Your Ultimate Gaming Companion

Uber Increases In-App Ads, Prompting Mixed Reactions from Customers

Apple's iOS 18: A Leap into the AI Era

Google's Regular Pixel 8 Won't Get Gemini Nano AI

MacBook Air M3 Makes Amends for M2's Storage Blunder

Samsung Unveils the Galaxy M15 5G

Elon Musk's xAI to Open-Source Chatbot Grok

Contra: Operation Galuga - A Modern Run-and-Gun Classic

Musk Confirms X's TV App Arrives This Week

US Department of Justice confiscates bitcoins stolen 10 years ago worth $3.36B

Hacker steals $570 million worth of crypto tokens from Binance's BNB Chain

8 US States Sue Crypto Lender Nexo