South Korean Prosecutors: Do Kwon Left Singapore for Dubai Last Month

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:55 EDT

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Do Kwon, the Co-founder and CEO of Terraform Labs, left Singapore last month for Dubai, South Korean prosecutors and police have claimed. But Kwon they say he has since left the United Arab Emirates – and is now in a “third” country.

Per Maeil Kyungjae, the Seoul Southern District Prosecutors’ Office and the police force are now working together to determine Kwon’s whereabouts.

They believe that Kwon moved to a “third country” via Dubai – but may have sought to obfuscate or conceal his “record of entry” into his current location. Interpol has issued a Red Notice for Kwon, while South Korean prosecutors have issued an arrest warrant. The foreign ministry is currently in the process of voiding his passport.

The media outlet quoted officers as stating that they were working with law enforcers in “neighboring countries” to the UAE to determine the Terraform boss’ location.

Kwon has remained defiant on social media, claiming he is “not on the run” and that he “goes to malls” in his current location – but has stopped short of revealing his current whereabouts.

But the prosecution and the police want to close the net on Kwon. Prosecutors have claimed that it is “evident” that Kwon is trying to evade arrest.

Terra Luna Classic (LUNC) prices have been growing gradually over the past few hours and the coin is currently up around 2.2% on the past 24 hours.

If Kwon’s Not in Dubai…Where Is He?

Singaporean police officers have previously confirmed that Kwon has left the country – where Terraform is headquartered. Kwon left South Korea for Singapore shortly after shuttering Terraform’s South Korean operations. Prosecutors say his family followed shortly after.

Prosecutors are keen to learn why Kwon moved to close his South Korean businesses so soon before the market crash in early May – when Terra ecosystem coins plunged, and the UST stablecoin lost its peg.

South Korean social media users have claimed that Kwon is likely “hiding” in a Southeast Asian location such as Cambodia or Myanmar. Others have theorized that he may have taken refuge on a yacht or in Russia.

The Financial Times reported that a group of disgruntled investors believes that Kwon is still in Dubai – and that one of their number will head out to UAE in an effort to track down what the media outlet called “the most wanted man in crypto.”