Korea asks Interpol to issue Red Notice for Terra-Luna founder

The Korea Times

The Korea Times

Finance

Sat, September 23, 2023 | 12:24

Cryptocurrency

Korea asks Interpol to issue Red Notice for Terra-Luna founder

Posted : 2022-09-20 15:40

Updated : 2022-09-21 15:32

Do Kwon speaks during an interview with crypto media outlet Coinage at his office in Singapore, Aug. 16. The interview was his last public appearance. Screenshot from Coinage's YouTube channel

By Lee Min-hyung

Korean prosecutors have asked Interpol to issue a Red Notice for Do Kwon, co-founder of the ill-fated Terra-Luna coins, saying that he is "obviously on the run" and seems unwilling to cooperate with the investigation.

According to Seoul Southern District Prosecutors' Office, the prosecution requested the international police and crime control authority to place Kwon on its Red Notice list. It will take more than 10 days until Interpol issues the notice. The Red Notice is the highest level of alert issued to police across the globe when a person is wanted from another country.

Kwon did not respond immediately to the report. His exact whereabouts remain unknown. Earlier, he said on his Twitter account that he is not on the run. But prosecutors think otherwise, since Kwon has not revealed his whereabouts and has yet to appear before investigators, communicating only through the online channel even though four months have transpired since the spectacular collapse of the two cryptocurrencies.

Kwon has also irked investors by leaving sarcastic comments about the investigation, saying, "To be honest, (I) haven't gone running in a while, need to cut some calories."

It remains unclear whether he will respond to the request for investigation in the foreseeable future, as he has not made any public appearances other than a recent interview with a crypto media outlet last month at his office in Singapore.

But after the Singaporean police authority confirmed that he is not in the city-state, the prosecution has come to the conclusion that he is on the run.

"We issued a warrant for his arrest amid fears that he will end up declining to appear for the investigation at a time when he has obviously fled his home country," the prosecution said. "He went to Singapore to evade the investigation in light of his attitude."

Kwon left Korea in late April after dissolving a domestic firm used to issue coins. But only a few weeks later, the value of the once-popular stablecoin Terra and its sister token Luna suddenly plunged to the near-zero level.

Even if Kwon reiterates that he did not commit fraud, prosecutors are still raising questions as to why he left Korea right before the collapse of the two cryptocurrencies. His family members and the firm's key officials also moved to Singapore at around that time.

But it appears Kwon will not be able to hide in other countries for a long period of time, as the foreign ministry is considering invalidating his passport upon the request of the prosecution.

mhlee@koreatimes.co.kr