INTERPOL issued a Red Notice for cryptocurrency developer Do Kwon of Terraform Labs. Kwon’s company was involved in the May collapse of the crypto market, after their two currencies TerraUSD and Luna collapsed.

Prosecutors from the Southern District of Seoul requested  the notice as part of their ongoing investigation into those involved in the Terraform Labs collapse, which led to investors losing an estimated $42 billion. South Korean authorities allege Mr. Kwon broke financial laws and was on the run, likely in Singapore. South Korea does not have an extradition treaty with Singapore.

Following the issuance of an arrest warrant last week, Mr. Kwon claimed on Twitter that he was in “full cooperation” with the South Korean agencies involved. Singaporean authorities report Mr. Kwon is no longer in the country, and Kwon has refused to disclose his current location. Should Mr. Kwon find himself caught by authorities, he will be subject to arrest and likely will be sent back to South Korea to face charges. Prosecutors have sought to have his passport cancelled to prevent him from fleeing his current location.

South Korea is the world’s third largest market for cryptocurrency. At the end of last year, South Korean crypto investments were estimated at about $46 billion, behind only Japan and the United States. TerraUSD’s collapse in May triggered a cryptocurrency crash that wiped out $300 billion.

By, Will Doherty, Legal Intern