Do Kwon, the founder of Terraform Labs, insists he’s not on the run from South Korean authorities after the country’s prosecutors’ office said it had received an international arrest warrant for the cryptocurrency executive.
Kwon’s company was behind the algorithmic stablecoin terraUSD or UST and its sister token luna which, combined were worth around $60 billion and in May collapsed to near-to-nothing.
Contagion spread across the industry with those exposed to terraUSD and luna, including ultra-bullish hedge fund Three Arrows Capital, feeling the pain.
South Korea has been seeking Kwon’s arrest since earlier this month, but prosecutors in the country have alleged Kwon is on the run. On Tuesday, a spokesperson for the Seoul Southern District Prosecutors’ Office in South Korea’s capital city told CNBC that global law enforcement agency Interpol has issued a “Red Notice” for Kwon.
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