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Prosecutors dismiss Do Kwon’s denial, claim he’s ‘obviously on the run,’ urge Interpol to step in

Prosecutors dismiss Do Kwon's denial, claim he's ‘obviously on the run,' urge Interpol to step in
Ana
Nicenko
2 weeks ago
2 mins read

Despite Do Kwon, the founder of the troubled firm Terraform Labs that is behind the imploded cryptocurrency token Terra (LUNA) and stablecoin TerraUSD claiming otherwise, prosecutors assert he is on the run and are even asking Interpol to intervene.

Indeed, South Korean prosecutors said that Do Kwon, who is accused of fraud in connection with the platform’s demise, is “obviously on the run” and certainly not cooperating with the investigation, Korean media outlet Yonhap reported on September 18.

Not only that, but the prosecutors are also asking Interpol to issue a red notice against the Terra co-founder over his lack of cooperation after demanding that his passport is annulled due to the man having “no intention to appear before us for questioning,” Financial Times’ Song Jung-a reported on September 19.

As the Seoul Southern District Prosecutor’s Office explained:

“We have begun the procedure to place him on the Interpol red notice list and revoke his passport.”

According to Interpol’s website, its red notice is issued for fugitives facing prosecution or sentence. It allows law enforcement worldwide to “locate and provisionally arrest a person pending extradition, surrender or similar legal action.”

A spokesperson for the office added that:

“He is clearly on the run as his company’s key finance people also left for the same country during that time.”

Do Kwon begs to differ

Earlier, Finbold reported on Do Kwon’s tweet in which he denied the claims he was on the run after a South Korean court issued an arrest warrant against him, claiming that he was open to “full cooperation”.

It is worth noting that Terra’s co-founder is facing allegations of fraud after the devastating $45 billion collapse of the Terraform Labs ecosystem that created a ripple effect across the entire crypto sector.

In mid-August, Do Kwon reportedly sought the assistance of a domestic law firm’s team to assist him in the preparation of a defense in a potential legal action against him and his colleagues.

Meanwhile, a court in the South Korean capital has issued a warrant for the arrest of the CEO of Terraform Labs and five other individuals, citing violations of the country’s Capital Markets Act. At the same time, the Financial Crimes Unit of the Supreme Prosecutor’s Office said that the six were in Singapore.

Featured image via Terra YouTube.

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Ana Nicenko
Author

Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master's degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.

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