The person who was most closely associated with the collapse of the cryptocurrency market last spring is currently on the run. Interpol has been asked to help in finding him.
South Korea’s authorities believe that Do Kwon, the developer of the Luna and TerraUSD cryptocurrencies, has been in Singapore since the spring when the latter’s value almost completely collapsed. However, according to authorities in Singapore, he has since left the country. Interpol has been asked to issue a red notice, which would allow authorities in other countries to arrest him if they find him.
Last week, prosecutors in South Korea issued an arrest warrant for five individuals who worked on the development of TerraUSD and Luna, as well as the company that he co-founded. They are believed to have been involved in fraud. According to the prosecutors, he had allegedly stolen money from investors, who were hoping to get a portion of the profits from the two cryptocurrencies. Both of these digital coins took off during the past year.
A representative of Terra and Do Kwon did not respond to requests for comment. On Saturday, he stated on Twitter, that he claimed that the company was currently defending itself in various jurisdictions. He also promised to provide more information about the situation in the coming months.
The case against Do Kwon is being closely watched as a sign that the authorities are taking a harder line against those who are involved in illegal activities in the cryptocurrency industry. Last month, the U.S. Treasury Department imposed sanctions on Tornado Cash, a financial tool that helps users obscure transactions in the cryptocurrency space.
The case against Do Kwon is being closely watched as a sign that the authorities are taking a harder line against those who are involved in illegal activities in the cryptocurrency industry. It could also encourage other projects that lost a huge amount of money to be targeted by the courts.
Before he left Stanford University to work at Apple, Do Kwon was regarded as a visionary in the cryptocurrency industry. He started to develop various projects, such as Luna, in his home country. Before the spring market crash, he was able to attract a cult following.
Dil Bole Oberoi
