Interpol has asked law enforcement agencies around the world to locate and arrest Do Kwon, the founder of the failed cryptocurrency Terra.
Interpol has issued a red alert for the 31-year-old, who is accused of fraud in connection with the company’s $40 billion collapse.
An arrest warrant was issued in Kwon’s native South Korea earlier this month. Do Kwon flew to Singapore in May before Terra collapsed but authorities say he is no longer there.
South Korean prosecutors had asked Interpol to place him on the red notice list, a request which has now been complied with. Prosecutors have also issued arrest warrants for five other people linked to the 31-year-old’s activities.
Virtual stablecoins are designed to have a relatively fixed price and are usually tied to a real-world commodity or currency, but Terra’s value collapsed during this year’s broader cryptocurrency crash.
The Terra Luna system crashed in May, with the price of the cryptocurrency plummeting to near zero and the fallout hitting the broader cryptocurrency market. From a value of $116 in April, one Terra coin is now worth less than $0.0002.
Globally, investors in the two currencies lost about $42 billion, according to blockchain analytics firm Elliptic.