The Terraform Labs co-founder has denied being in hiding after South Korean authorities asked Interpol to issue a red notice for his arrest.

“Yeah, like I said, I’m not making any effort to hide. I’m going on rides and shopping malls, no way no one from CT hasn’t run into me in the last two weeks.” Do Kwon tweeted.

The Red Notice has exposed hugely risky practices in the digital asset industry.

Kwon is facing charges in South Korea over a $60 billion cryptocurrency deletion.

According to prosecutors in Seoul, law enforcement agencies around the world have been asked to locate and arrest 31-year-old Kwon.

The red notice came after a South Korean court issued an arrest warrant for Kwon on September 14, and days later, after he claimed he was not at large, South Korean prosecutors asked Interpol to issue a red notice. red against him.

Kwon moved to Singapore from South Korea earlier this year and, until recently, his whereabouts showed he was still in the city-state. However, his location is unknown after local police said on September 17 that he was no longer in the city-state.

Kwon and five other Terraform Labs executives face accusations that they violated capital markets laws in South Korea. They received an arrest warrant on September 13 from the Seoul court for allegedly violating the nation’s capital markets law.

The crash of the Terra Platform in May led to the historic collapse of the TerraUSD (UST) stablecoin, which has shaken many people’s faith in the digital asset sector. Currently, the crypto sector is still affected by the fall of the stablecoin and the recovery is still in process.

The ecosystem collapsed when TerraUSD, also known as UST, fell apart from its dollar peg and brought down the ecosystem it had built, after which the prices of both tokens fell to near zero, a shadow of the combined $60 billion. that they once controlled.

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