He hasn't been found for months.
Interpol has issued a red notice to locate Do Kwon, the South Korean founder of the Terra cryptocurrency, accused of causing investors to lose $40 billion following the crash of his stablecoin, the prosecutors' office announced on Monday. from a court in Seoul.
The prosecution had asked Interpol to put him on the red notice list and asked the Foreign Ministry in Seoul to revoke his passport, saying Do Kwon was "at large".
As a reminder, a red notice consists of asking law enforcement agencies around the world to locate and provisionally arrest a person pending extradition, says Interpol.
A warrant for the arrest of the founder
Do Kwon, co-founder of Terra, lost $40 billion to investors and more than $500 billion in the cryptocurrency market this year following the crash of his stablecoin.
This collapse led a South Korean court to issue an arrest warrant against him in mid-September.
The 31-year-old suspect had given his first interview in Singapore in August to the media after the crash in May, in which he admitted his wrongdoing.
He has since been untraceable.
Read also“I lost everything”: from 100 to 0 dollars, how the Terra Luna cryptocurrency collapsed
Singapore police denied rumors in mid-September that he was still in the city-state.
Do Kwon assured on Twitter that he was not on the run, without revealing his location.
In April 2022, the value of Terra had reached its highest level.
According to CoinMarketCap, it was then the fourth largest stablecoin and the tenth leading cryptocurrency by market value.
A month later, Terra lost more than half of its value in just 24 hours, sending a wave of panic through an already feverish crypto-asset market.
Very quickly, the stablecoin and its sister token Luna fell to zero, leading to losses of more than $500 billion in the market and hitting all the savings of many small investors in the process.
Several criminal investigations have since been opened around this case.
