this Interpol Issued an international search and arrest warrant for the South Korean. make kwoncontroversial person in charge of cryptocurrencies Moon Y blackIts crash in May drove the world virtual currency market to lose up to $300,000 million. This was announced by the Southern District Attorney’s Office in Seoul on Monday.
At the beginning of May, Luna was one of the ten most valuable cryptocurrencies in the world. A few days later, that asset plummeted, wiping out $60 billion along the way, and failing thousands of investors.
South Korean authorities charged Kwon, a 31-year-old engineer, and five other executives at his company. Terraform Laboratoriesmultiple offenses, including violations of national financial laws.
Last week, the Prosecutor’s Office has already issued an order. custody against the founders crypto assetsbut when faced with the difficulty of finding him, they sought help from the world police force. At the time, it was believed that Kwon was in Singapore, where he had resided since the beginning of the year, but his whereabouts are currently unknown. South Korean officials believe there is “indirect evidence”. dischargeThe Interpol “red notice” is asking police around the world to locate and temporarily arrest the fugitive if he enters their territory for possible extradition.
Kwon responded to these accusations by South Korean officials by denying the larger one. “I’m not a fugitive” or something like that, laughing at the investigation; “We are in full cooperation with any government agency that is interested in reaching out, and we have nothing to hide.”
Crypto market crash
Terra cryptocurrency, also known as UST, is a algorithm should keep its price constant at a constant dollar value, thus avoiding traditional prices. volatility Currencies whose value depends on supply and demand. However, the system failed, and with it came the confidence of its investors. This hastened the collapse in value. Kwon’s attempts to correct the dip failed, leading to a drop in the world’s leading cryptocurrency, Bitcoin.
Luna and Terra’s collapse exposed the company’s risky financial practices. The cryptocurrency market has not been able to recover since these assets exploded last May, which – in the words of the United States Department of the Treasury – led to a “bank panic” and bankruptcy of other platforms. Celsius NetworkOne of the largest crypto lenders in the world.