Interpol's Arrest Warrant for Do Kwon

Interpol has asked law enforcement agencies around the world to find and arrest Do Kwon, the founder of cryptocurrency Terra.

BBC Korea 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 for him in his native South Korea earlier this month. Do Kwon had flown to Singapore in May - before Terra's collapse - but authorities say he is no longer there. South Korean prosecutors asked Interpol to put Do Kwon on a red notice list - which Interpol complied with - and asked the foreign ministry in Seoul to revoke Do Kwon's passport, saying he was a "fugitive". Do Kwon has denied that he is in hiding but has not revealed his whereabouts. https://twitter.com/stablekwon/status/1571197154256887808 Prosecutors also issued arrest warrants for five other unnamed people linked to the so-called stablecoin Terra and its sister token Luna. Stablecoins are designed to have a relatively stable price and are usually pegged to a real-world commodity or currency - but Terra's value collapsed during this year's crypto slump. The Terra Luna system crashed in May and the price of both tokens plummeted to near zero. A Terra coin is now worth less than $0.0002, down from a high of $116 in April. According to blockchain analytics firm Elliptic, investors in the two coins have lost an estimated $42 billion globally. Some investors lost their life savings and South Korean authorities have opened several criminal investigations into the collapse. Source: BBC Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!