Kwon on the run

In a legendary fall from grace, Terraform Labs founder and cryptocurrency developer Do Kwon is facing the prospect of having his South Korean passport canceled if he does not turn in the document by October 19. 

What’s his offense?

Interpol has also issued a “Red Notice” – reserved for fugitives who are wanted for prosecution or to serve out a sentence – for the disgraced developer. Kwon’s company, Terraform Labs is largely regarded as the reason for the massive cryptocurrency crash earlier this year which resulted in losses worth billions of dollars. 

What’s the company’s role in the crash? 

After the company’s controversial cryptocurrencies, terracUSD and luna crashed in May, roughly $60b worth of value was wiped from crypto markets, sending shockwaves throughout the global marketplace. South Korean officials have accused Kwon and five others of violating capital markets law and fraud, and are actively looking to arrest the former crypto-kingpin. 

Is he on the run? 

Kwon insists that he is not on the run from the law, though South Korean officials have stated they are in hot pursuit. Supporting Kwon’s claims that he is doing just fine, there has been no warrant issued for his arrest. Korean prosecutors have, however, asked two crypto exchanges to freeze over $60b in bitcoin tied to the crypto-fugitive, with local media reporting that a further $39.9m of Kwon’s digital assets were also frozen, though he disputes the second claim. Maybe if he had those funds in a real wallet he’d be fine.