The creator of the Terra and LUNA cryptocurrencies goes on the run

Updated

The South Korean government asks Interpol for help to capture him

  • cryptocurrencies Flurry of messages of despair and support for investors after Luna lost 99% of its value

Do Kwonthe creator of cryptocurrencies earth and moonwhose price plummeted last May, is in search and capture

At the beginning of 2022, his name was relatively well known in the world of cryptocurrencies. founder of Terraform Labsthis developer was responsible for a pair of cryptocurrencies, Terra and LUNA, which on paper ensured stability and great returns on investment thanks to a complex algorithm that kept them balanced.

In May of this year, both currencies collapsed, losing more than $30 billion in just one week. His fall led to the closure of the investment fund Three Arrows Capital and unleashed a panic wave which also made the rest of cryptocurrencies fall.

Kwon has maintained an active public profile in the aftermath of the crash and has even refloated LUNA, albeit this time without a fixed exchange currency like Terra, thanks to the support of the investment community.

But, according to the US Attorney’s Office for the Southern District of sel, in charge of investigating him for fraud, the developer has refused to testify before the authorities on several occasions and, for all intents and purposes, has fled. Investigators last week issued an arrest warrant, asked the Korean government to invalidate his passport and asked Interpol to issue a “Red alert” to authorities around the world. This level of alert makes it difficult to cross borders and allows police forces to arrest an individual while a formal extradition order is issued.

Kwon has tried to defend his situation through statements on social networks. “I have not absconded or anything like that. To any government agency that has shown an interest in reaching out, we are in full cooperation and have nothing to hide,” he said on Twitter last Saturday.

“We are in the process of defending ourselves in multiple jurisdictions. We maintain an extremely high level of integrity, and we look forward to clarifying the truth in the coming months,” he added.

However, no one knows exactly where he is right now, and Kwon himself has refused to confess, saying that doing so would be an invasion of his privacy. His last moves point towards Singaporebut it is possible that he has already left that country.

After learning of the prosecutor’s request last week, the value of LUNA has fallen by nearly 30% and is still well below the value it once had after its relaunch at the end of May.

Source: www.elmundo.es

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J. A. Allen

Author, blogger, freelance writer. Hater of spiders. Drinker of wine. Mother of hellions.

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