After South Korean authorities demanded Interpol to issue a red note for his arrest, Terraform Labs’ co-founder denied hiding.
“Yeah. As I said, it’s not difficult to hide. I walk and go to malls. It’s not like anyone in CT hasn’t seen me these past two weeks.” Do Kwon tweets
The red alert exposed extremely risky digital assets industry practices.
Kwon faces South Korean accusations over a $60 Billion cryptocurrency wipeout.
Seoul’s prosecutors said that Kwon, who is 31 years old, was wanted by law enforcement around the world.
Kwon was arrested by a South Korean court on Sept 14. A red notice was issued against him days later when he claimed he was not running.
Kwon, who moved from South Korea to Singapore earlier this year, was found in the city-state. After the Sept 17 announcement by the local police, Kwon’s location was made unknown.
Kwon and five Terraform Labs executives are facing allegations of violating South Korean capital markets laws. On September 13, a Seoul court issued Kwon and five other Terraform Labs executives an arrest warrant for allegedly violating South Korea’s capital market law.
In May, the Terra Platform fell. This led to the collapse of TerraUSD (UST), which caused a major shakeup in the trust of many people working in the digital asset sector. The downfall of the stablecoin continues to shake the crypto sector, with recovery still in progress.
The ecosystem crashed when TerraUSD – also known as UST – lost its dollar peg. He brought down the ecosystem he had constructed. After that, both token prices plummeted to nearly zero, a fraction of the total $60 billion they once controlled.
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