Disgraced crypto founder still on the run

Disgraced crypto founder still on the run, no one knows where he is.

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– Wp Get the full experience. Choose your plan ArrowRight Do Kwon, the South Korean developer of the TerraUSD and Luna cryptocurrencies, is believed to have been in Singapore since at least the spring, when those coins lost nearly all of their value.

– But Singapore authorities said this weekend he is no longer there, and South Korean investigators have reportedly asked Interpol to issue a red notice that would allow officers in member countries to provisionally arrest Kwon pending extradition if they find him.

– Last Wednesday the Seoul Southern District Prosecutors Office issued an arrest warrant for Kwon and five other people who worked on both the currencies and Terraform Labs, the company that Kwon co-founded.

– Prosecutors did not list the charges, but investors have said he defrauded them in promoting the coins.

– TerraUSD which used a computer program that claimed to peg its value to the U.S. dollar and a related token known as Luna both took off in the past year, with each multiplying in value dozens of times over before crashing in May.

– A Terra spokesman did not reply to a request for comment. Kwon also did not reply to a request for comment.

– The red-notice request was originally reported by the Financial Times.

– The Kwon case is being watched closely as a sign of how aggressively law enforcement will pursue those engaged in allegedly illegal activities in the crypto space.

– But the pursuit of individuals in crypto is much rarer, and Kwons case could be a bellwether for how other projects that lost large sums of value could be targeted in the courts and if, eventually, some investors might claw their money back.

– The 31-year-old Kwon graduated from Stanford University and briefly worked at Apple before returning to his home country several years ago to found a number of crypto projects, including Luna.

– Before the spring crash, Kwon was hailed as a visionary and even attracted a cult of everyday fans known as Lunatics.

– Nor was it just retail traders Terraform also raised money from respected financiers such as Silicon Valley VC firm Lightspeed Venture Partners.

– But in May a quick sell-off began for still-unclear reasons, prompting the loss of more than $40 billion in value, according to analysis firm Elliptic, as the price of Luna plunged to nearly zero and TerraUSD went from $1 to $0.11. The collapse helped trigger a broader crypto crash that affected dozens of other assets and companies.

– Bitcoin has gone from nearly $40,000 to under $20,000 since the Terra collapse, and the total market value of crypto has plummeted by more than $1 trillion in just a few months.

– Kwon made an attempt to relaunch Luna shortly after

NACK37RXHEI63OFPBICOLXB5WY Disgraced crypto founder still on the run, no one knows where he is.

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