Terra founder Do Kwon faces Interpol's red notice

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Terra founder Do Kwon faces Interpol's red notice

On Monday, South Korean prosecutors announced that Terraform Labs co-founder Do Kwon, who is currently under investigation in South Korea for the $40 billion collapse of the algorithmic stable coin Terra, is facing a red notice from Interpol.

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A red notice is a request to law enforcement worldwide to locate or arrest a person pending extradition, surrender, or similar legal action, Interpol says. It's typically reserved for fugitives from the law who are being pursued for serving a sentence or awaiting prosecution.

After Terra's collapse this year, billions were wiped out of investors, the 31-year-old has been embroiled in a legal battle in South Korea. Interpol and South Korean prosecutors are asking law enforcement agencies to locate and arrest the elusive figure in the digital currency.

The price dropped to almost zero in May when the sister coins Terra and Luna cratered. The price is a paltry $0.0002 today, despite the coin peaked at $116 a month before its collapse.

Kwon, who is a native of South Korea, was not in his territory, the headquarters of his embattled company, recently announced by Singapore police. South Korea has already put in place a request to cancel Kwon's passport, making it harder for the Terra co-founder to travel.

Kwon's Twitter activity has crawled to a halt and the co-founder has gone silent on social media. On September 17, Kwon dismissed rumors on social media that he was on the lam from authorities. He jocularly wrote: I haven't gone running in a long time, need to cut some calories. This was a response to a tweet where he said he was cooperating with law enforcement bodies instead of ignoring them: I am not on the run, Kwon said. We are in full cooperation with the government agency that has shown interest in communicating and we don't have anything to hide.