U.S. and South Korean authorities had been investigating Kwon over his role in one of the biggest disasters in cryptocurrency history. Crypto investors often use stablecoins as a haven to save profits from successful trades. They seized evidence from seven South Korean crypto exchanges, hauling away blue boxes stuffed with documents, laptops, smartphones and external hard drives. Days later, South Korean prosecutors obtained a warrant for Kwon’s arrest on charges that he had violated the country’s capital-markets law. South Korean prosecutors filed a red notice through Interpol, the global policing body, effectively asking cops worldwide to capture Kwon.

Source: Wall Street Journal October 29, 2023 15:00 UTC