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| Interpol seeks arrest of failed crypto-firm boss Do Kwon | Interpol seeks arrest of failed crypto-firm boss Do Kwon |
| (5 months later) | |
| Terra founder Do Kwon | Terra founder Do Kwon |
| Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed cryptocurrency Terra. | Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed cryptocurrency Terra. |
| BBC Korean says a red notice has been issued for the 31-year-old, who is accused of fraud over the company's $40 billion collapse. | BBC Korean says a red notice has been issued for the 31-year-old, who is accused of fraud over the company's $40 billion collapse. |
| An arrest warrant was issued in his native South Korea earlier this month. | An arrest warrant was issued in his native South Korea earlier this month. |
| Do Kwon flew to Singapore in May - before Terra crashed - but the authorities say he's no longer there. | Do Kwon flew to Singapore in May - before Terra crashed - but the authorities say he's no longer there. |
| South Korean prosecutors had asked Interpol to place him on the red notice list - a request it has now complied with - and asked the foreign ministry in Seoul to revoke his passport, saying that Do Kwon was "on the run". | South Korean prosecutors had asked Interpol to place him on the red notice list - a request it has now complied with - and asked the foreign ministry in Seoul to revoke his passport, saying that Do Kwon was "on the run". |
| He has denied that he is in hiding, but has not revealed his whereabouts. | He has denied that he is in hiding, but has not revealed his whereabouts. |
| I am not “on the run” or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide | I am not “on the run” or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide |
| Prosecutors have also issued arrest warrants for five other people - who have not been named - linked to the so-called stablecoin Terra and its sister token Luna. | Prosecutors have also issued arrest warrants for five other people - who have not been named - linked to the so-called stablecoin Terra and its sister token Luna. |
| Stablecoins are designed to have a relatively fixed price and are usually pegged to a real-world commodity or currency - but Terra's value collapsed during this year's wider cryptocurrency crash. | Stablecoins are designed to have a relatively fixed price and are usually pegged to a real-world commodity or currency - but Terra's value collapsed during this year's wider cryptocurrency crash. |
| The Terra Luna system collapsed in May, with the price of both tokens plummeting to near zero, and the fallout hitting the wider crypto-market. | The Terra Luna system collapsed in May, with the price of both tokens plummeting to near zero, and the fallout hitting the wider crypto-market. |
| From a $116 high in April, a Terra coin is now worth less than $0.0002. | From a $116 high in April, a Terra coin is now worth less than $0.0002. |
| Globally, investors in the two coins lost an estimated $42 billion, according to blockchain analytics firm Elliptic. | Globally, investors in the two coins lost an estimated $42 billion, according to blockchain analytics firm Elliptic. |
| Some investors lost their life savings, and South Korean authorities have opened several criminal probes into the crash. | Some investors lost their life savings, and South Korean authorities have opened several criminal probes into the crash. |
| Related Topics | |
| Singapore | |
| South Korea | |
| Cryptocurrency |