South Korean Authorities Ask Interpol For ‘Red Notice’ For Do Kwon: Report

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South Korean prosecutors have reportedly asked Interpol to intervene in their case against Terra co-founder Do Kwon by issuing a “red notice,” suggesting global law enforcement agencies could try to find and detain him.

According to a Monday report from the TBEN, the Seoul Southern District prosecutor’s office said it had “started proceedings” to put Kwon on Interpol’s Red Notice list following steps to revoke Terra’s co-founder’s passport while he was in prison. Singapore. Interpol’s website states that authorities are requesting a Red Notice to “locate and provisionally arrest an individual pending extradition, surrender or similar legal action,” but the agency cannot force local law enforcement to address the subject. of such notification.

“We are doing our best to locate and arrest [Kwon]A spokesperson for the prosecutor’s office said. “He is clearly on the run, as the key financial people of his company also left for the same country at the time.”

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Kwon remained active on social media amid possible arrest and prosecution. TBEN reported on Sunday that Terra’s co-founder claimed he was “not ‘on the run’ or anything like that”, but did not reveal his location – his Twitter account still showed him in Singapore at the time of publication. Reuters reported on Saturday that authorities in Singapore said Kwon was no longer in the country after moving from South Korea in April.

The ongoing Kwon and Terra saga began in May when the algorithmic stablecoin TerraUSD Classic (USTC) – originally TerraUSD (UST) of the project – broke away from the US dollar and dropped to near zero within weeks. The price of Terra (LUNA) — now Terra Classic (LUNC) — also collapsed amid liquidity issues reported on platforms including Celsius.

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Kwon, certain Terra employees and the company were the target of an investigation by South Korean financial authorities, which allegedly raided the offices of crypto exchanges Upbit, Bithumb, Coinone, Korbit and Gopax in July. On September 14, a South Korean court reportedly issued a warrant for the arrest of Kwon and five individuals associated with Terra for alleged violations of capital market laws. However, South Korea does not have an extradition agreement with Singapore.

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Related: South Korean Prosecutors Demand Revocation of Passports of Do Kwon and Other Terra Employees

According to Interpol, there are currently 7,151 individuals who have been publicly named on the agency’s Red Notice list of the 69,270. At the time of publication, Kwon was not among them and the only South Korean national so named was 59-year-old Lee Changhwan, wanted by Indian authorities.