The Financial Times is reporting that authorities in South Korea are said to be asking Interpol to issue a "red notice" for Do Kwon, the co-founder of the now-defunct stablecoin issuer Terraform Labs, as his current location is unknown.
It was believed that Kwon, whose blockchain network collapsed, in May, was in Singapore, but on Saturday, the Singapore Police Force confirmed to the press that Kwon was no longer in the city-state.
A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender or similar legal action.
Last week, South Korean prosecutors issued an arrest warrant for Kwon on charges of fraud after the prices of his network's stablecoin, UST, and the related native LUNA token crashed in May, sending the broader crypto market into a tailspin. The country moved to invalidate his passport days after it issued the arrest warrant.
A red notice is a request for law enforcement worldwide to locate and arrest the named individual and hold that person until extradition proceedings can begin. The notice is sent to police forces in 195 countries worldwide
Interpol didn't immediately respond to a request for comment.
(UPDATE Sept. 19, 2022 19:50 UTC) – Defines "red notice."
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