The South Korean prosecutors asked for a red notice to be issued against the Terraform Labs co- founder, Do Kwon, after he claimed that he was not on the run.
According to official statements, the prosecutor's office said that Kwon was not cooperating with the investigation and that he had no intention of appearing for questioning. The prosecutors have asked the foreign ministry of South Korea to take away Kwon's passport, saying they have evidence that he is trying to escape.
A red notice, which is a call to law enforcement worldwide, can prevent individuals from being issues visas, restrict their cross border travels, and arrest them if they are wanted in another country.
He said he was not on the run from any government agency that was interested in communication. He said that they have nothing to hide.
Terraform Labs had a stable coin called UST and a cryptocurrencies called LUNA. Several of its trading pairs were discontinued by major exchanges. The old token is supported by many exchanges.
The price of the revived token.
Despite approval from the Terraform community, Kwon has avoided operating a stable coin. As a result of the depegging of TerraUSD, the firm's previous stable coin, the LUNA token crashed.
The wipeout of Three Arrows Capital was caused by the crash of LUNA. The fund had borrowed billions of dollars, and the demise of the fund impacted many of them.
Many investors sold their positions in revived Luna token after South Korea issued an arrest warrant for the man. We have held ourselves to an extremely high bar of integrity and will be clarifying the truth over the next few months.
He said in an interview that he hadn't been in contact with South Korean authorities. The investors in South Korea and the U.S. filed lawsuits against Kwon after the Luna and TerraUSD crashed, wiping out about $40 billion of investors' money.
Terraform Labs and the prosecutor's office are not available for comment.
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