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Terraform Lab co-founder Do Kwon is on Interpol’s list as talks about the demise of the LUNA and UST stablecoins continue.
reported by Bloomberg A few hours ago, the South Korean government revealed that Interpol had asked law enforcement agencies around the world to find and arrest Terraform Labs co-founder Do Kwon.
Do Kwon faces charges related to a $60 billion wipeout of cryptocurrency he created, the report added.
Seoul prosecutors said in a text message today that Interpol issued a red notice to Kwon.
The latest development comes about two weeks after a South Korean court issued an arrest warrant for Kwon. Days after his arrest warrant, Do Kwon claimed he was not on the run, South Korean prosecutors asked Interpol to issue a deficit notice to the co-founder of Terraform Labs. .
Kwon’s whereabouts are currently unknown, with Singaporean authorities clarifying it was not a city-state a few weeks ago.
Do Kwon and other Terraform Labs executives are now facing allegations that they violated South Korea’s capital market law.
Terra’s coin, LUNA, and UST stablecoins wiped out over $40 billion in days in one of the biggest drops in the history of the cryptocurrency market.
The crash of the Terra blockchain and its coin has caused a widespread crash within the broader crypto market. Over the past year, cryptocurrency has lost more than 60% of its value and the cryptocurrency market capitalization is now below $1 trillion.
LUNA was one of the top 10 cryptocurrencies by market cap before the crash, while UST was one of the leading stablecoins in the market.
Terraform Labs has since rebranded the project, making the LUNC token and the USTC stablecoin the primary tokens.
