Singapore Police have launched an investigation into Terraform Labs and its founder, Do Kwon even though he is still is on the run.
Woes deepen for the fugitive Do Kwon as the Singapore Police have launched a probe into his company Terraform Labs. The police told Bloomberg that the inquiries are ongoing and “investigations have commenced in relation to Terraform Labs.”
Do Kwon on the Run
Although Terraform Labs is registered in Singapore, the location of the founder is unknown. In December last year, South Korean authorities reported that Kwon was hiding in Serbia.
On top of various allegations from regulatory authorities worldwide, last month, the US Securities and Exchange Commission (SEC) charged Kwon with “orchestrating a multi-billion dollar crypto asset securities fraud.”
Interpol also served him a “red notice,” an international wanted person notice. It means that governments are supposed “to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.”
The collapse of Terraform Labs in May 2022 triggered a crypto winter that wiped off more than $1.5 Trillion in market capitalization. After the collapse of the Terra ecosystem, Seoul police issued an arrest warrant against Kwon, and he has been missing since September.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.