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The co-founder of Terra Do Kwon in October 2019. (Source: Screenshot, YouTube/Terra)

South Korean prosecutors have issued an arrest warrant for Do Kwon (real name Kwon Do-hyeong), the co-founder and CEO of Terraform Laboratories – the firm behind the Terra currencies LUNA and LUNC ecosystem. [Updated at UTC 09:03]

Kwon currently resides in Singapore. By digital today and Chosun Ilbo, South Korean prosecutors may seek help from Interpol in their efforts to arrest the CEO. They would also be keen to work with their Singaporean counterparts.

Warrants have also been issued for a number of other Terraform Labs executives. Media reported that two special investigation teams belonging to the Seoul Southern District Prosecutor’s Office issued a total of six arrest warrants.

In addition to Kwon, prosecutors want to arrest Nicholas Platias, who has been described as a “founding executive” of Terraform Labs. Platias was Head of Research at Terraform until 2020. A Stanford University graduated, he was more recently involved in a project called Web3 Stealth Boot, by his LinkedIn profile. A warrant for another individual, nicknamed Han and described as a “Terraform employee”, was also issued. The identity of the other individuals has not yet been revealed.

All six are believed to reside in Singapore, where Terraform was founded in 2018.

Details remain scarce at the time of writing, as the prosecution has yet to release a statement. But officials confirmed the individuals were wanted for violations of capital market law.

This would seem to indicate that prosecutors believe they have enough evidence to charge the six with fraud-related offences.

Chosun said the arrest warrants are “valid for one year” and that the prosecution is considering taking steps such as asking Interpol to place Kwon on its “red notice” list.

An Interpol Red Notice, by the law enforcement agency’s own website, is “a request for law enforcement agencies around the world to locate and provisionally arrest a person pending extradition, surrender, or similar legal action. “.

The prosecution is also considering other measures, including invalidating Kwon’s passport.

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