South Korea confirmed Monday the action by Interpol.

According to a Bloomberg report, South Korean authorities have confirmed in a text message Monday that Interpol had issued a Red Notice for Kwon, requesting law enforcement forces globally to locate and arrest Do Kwon, the co-founder of the ill-fated Terraform Labs. Kwon is accused in South Korea of various crimes, including violations of capital market law, and courts there have already issued a warrant for his arrest.

Previously, Do Kwon moved out of Korea to Singapore. However, on September 17, authorities said he was no longer in Singapore, and thereafter, his location became unclear.

Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit first approached Interpol for assistance last week. An Interpol Red Notice is the highest level request that Interpol is capable of issuing – and effectively asks police officers globally to “locate and provisionally arrest” the individual in question “pending extradition, surrender, or similar legal action.”

Terraform Labs backed the stablecoin UST and cryptocurrency LUNA, both of which collapsed in May, inflicting billions of dollars in losses on investors.

The Terra collapse triggered, domino-like, a series of failures and insolvencies in the digital assets industry including Three Arrows Capital, Voyager Digital, and Celsius Network.

Meanwhile, South Korean authorities have said they have “circumstantial evidence of escape” when Kwon transferred to Singapore, and rejected his tweeted claims that he was “cooperating.”

“We have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months,” Kwon has previously said on Twitter.

According to Tech Crunch, the South Korean and Interpol actions may be creating a bad precedent for the crypto industry and set a fear psychosis against innovation, assuming Kwon did not knowingly defraud investors and customers.

Related Story: South Korean Court Issues Arrest Warrant For Terraform Founder Do Kwon