The crypto founder behind the $60 billion collapse speaks out


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The founder of one of the biggest cryptocurrencies in the world has recently faced increased attention from law enforcement and the general public, with the spotlight focused on him and his disappearance after $60 billion was found to have disappeared from his crypto exchange. Earlier this week, Interpol issued an arrest notice for him after it was discovered that he had not been seen or heard from since before $60 billion of customer cryptocurrency funds had gone missing on his exchange. Today, we finally got to hear from him directly.

The creator of Terraform Labs, Do Kwon, claims he is not hiding from South Korean law enforcement after the prosecutor’s office there announced it had obtained a global arrest order for the cryptocurrency CEO.

The algorithmic stablecoin terraUSD or UST and its sister token luna, which were valued a combined $60 billion before collapsing to almost nothing in May, were created by Kwon’s business.

The ultra-bullish hedge fund Three Arrows Capital was among those who suffered as the contagion swept throughout the sector and affected those exposed to terraUSD and luna.

Kwon’s arrest has been sought by South Korea since earlier this month. However, according to local prosecutors, Kwon is evading capture. The international law enforcement organisation Interpol has issued a “Red Notice” for Kwon, according to a representative for the Seoul Southern District Prosecutors’ Office in South Korea’s capital city, who talked to CNBC on Tuesday.

According to Interpol, Red Notices are sent out for fugitives sought for either criminal prosecution or sentence serving. The notice is an appeal to law enforcement agencies throughout the world to find and detain the subject. An extradition may follow from this.
Kwon, however, claimed he was not hiding and retaliated against the police on Twitter.
In response to a question about his location, Kwon tweeted, “I’m writing coding in my living room hbu.”

Additionally, Kwon said that he could not find his name on Interpol’s “Red Notice” list. These notices are not always made public by the agency.

According to the spokeswoman for the Seoul Southern District Prosecutors’ Office, Kwon is still on the run.

According to Kwon’s Twitter profile, he is in Singapore. However, the Singapore Police Force said earlier this month that Kwon was not in the city-state.

The Red Notice, according to South Korean prosecutors, is intended to track down Kwon and return him home. After that, authorities will determine within 48 hours whether to issue an arrest warrant for Kwon.


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