South Korean prosecutors have requested Interpol to issue a “Red Notice” against Terra founder Do Kwon as Singapore police confirmed he is no longer in Singapore.
Earlier, the Prosecutors’ Office denied Do Kwon’s defense and claimed he is “obviously on the run” and fails to cooperate with the investigations.
Prosecutors Request Interpol to Issue Red Notice Against Do Kwon
The Seoul Southern District Prosecutors’ Office has started the procedure to place Do Kwon on the Interpol red notice list and revoke his passport, reported the Financial Times on September 19.If the application is accepted, a notification will be sent to the police in 195 countries around the world.
The move comes after the Singapore police confirmed that Do Kwon is no longer in Singapore.Terra founder Do Kwon tweeted that he is not on the run and will cooperate with the authorities.
However, prosecutors have refuted his defense and claimed he is “obviously on the run”, citing having enough evidence to support the claim.Moreover, Do Kwon had hired lawyers to clarify that he had no intention to appear before prosecutors for questioning.
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The Seoul Southern District Prosecutors’ Office had a South Korean court issue arrest warrants against Do Kwon and five others for violating the Capital Market Act.
Currently, prosecutors are working to locate the whereabouts of Do Kwon.
Interpol red notice is a request to law enforcement in 195 countries to “locate and provisionally arrest a person pending extradition, surrender or similar legal action”, according to Interpol’s website.Red notices are issued for fugitives wanted either for prosecution or to serve a sentence.
Prosecutors assert that Do Kwon is on the run since the Terra-LUNA crisis in May and even disbanded TerraForm Labs in South Korea.
Terra executives including Do Kwon fled to Singapore and fail to cooperate with the investigations .
“We are doing our best to locate and arrest him.He is clearly on the run as his company’s key finance people also left for the same country during that time.”
Impact on Terra Classic (LUNC) and Terra (LUNA) Price
South Korea’s escalated action against Do Kwon has caused Terra Classic (LUNC) and Terra (LUNA) prices to fall by 33% and 50% in a week.
At the time of writing, Terra Classic (LUNC) price is trading at $0.000281, down 12% in the last 24 hours.The price has recovered after the community backs the Terra Classic.The LUNC price is now down 5%.
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