The search for Do Kwon and other Terra employees persists despite his claims he’s not on the run and will cooperate with any government that requests communication.
South Korean authorities informed Forkast that Kwon Do-hyung, the co-founder and CEO of Terraform Labs Pte Ltd., also known as Do Kwon, left Singapore last month and arrived in Dubai, United Arab Emirates.
Since there are no records of Kwon entering the UAE at the airport, an investigating team is considering the possibility that Kwon stopped in Dubai. Local police and prosecutors have asked neighboring nations to assist them in locating Kwon.
Since the Terra-LUNA crash in May of this year, Kwon’s precise whereabouts have been unknown. Many people speculated that he was in Singapore with other Terra employees since that country serves as their global headquarters.
The country does not have an extradition agreement with South Korea but had their passports revoked after a request from South Korean prosecutors.
Do Kwon, a co-founder of Terraform Labs who is accused of establishing a $60 billion cryptocurrency implosion, has been sought out by law enforcement agencies in South Korea.
Interpol was reportedly asked by South Korean prosecutors to issue a “Red Notice” for Kwon on September 19, just a week before the announcement.
Following the collapse of the Terra stablecoin and cryptocurrency, which lost more than US$60 billion in market capitalization, South Korea is looking into Kwon and Terraform Labs colleagues on a number of counts, including fraud and violating the Capital Markets Act.
Todayincrypto reported in August that Do Kwon had retained legal counsel from a local South Korean law firm to defend him against the charges brought against him.