Kwon’s Terra ecosystem collapsed in May with $60 billion in value imploding, after which he faced charges of violating capital markets laws in South Korea

The co-founder of Terraform Labs, Do Kwon, is rumored to have left Singapore for Dubai, rumors which may have some validity, Bloomberg reported on Friday.

On Thursday, there were reports that Kwon had left Singapore last month and landed in Dubai. According to Bloomberg, South Korean prosecutors have said that the report was “not false.”

The Terra ecosystem imploded in May evaporating $60 billion in value, after which Kwon faced charges of violating capital markets laws in South Korea.

Having departed his native country for Singapore, Kwon denied reports that he was on the run, despite Interpol issuing a Red Notice for his arrest. He claimed he had moved there before the collapse of the Terra ecosystem.

Terra’s collapse led to far-reaching damage across the crypto industry with reports of some investors losing their life savings.

The post S. Korean Prosecutors Say Reports of Do Kwon’s Stopover in Dubai ‘Not False’: Bloomberg appeared first on Crypto Insider.

Authorities in Singapore confirm that Kwon is no longer in-country, while he maintains that he’s not “on the run.”

The Financial Times is reporting that authorities in South Korea are said to be asking Interpol to issue a ‘red notice’ for Terraform Labs co-founder Do Kwon, as his current location is unknown.

A red notice is a request for law enforcement worldwide to locate and arrest the named individual and hold them until extradition proceedings can commence. If issued the notice would go out to member police forces in 195 countries worldwide.

Interpol did not respond to a request for comment from CoinDesk by press time.

On Saturday, the Singapore Police Force confirmed to the press that Kwon was no longer in the city-state as was believed earlier.

South Korean prosecutors issued an arrest warrant for Do Kwon on Sept. 14 and then moved to invalidate his passport days later.

While Kwon is a South Korean national, it is not known if he holds a second or third nationality.

Kwon tweeted that he is not on the run and is in “full cooperation” with authorities and has “nothing to hide.”
He also said that unless “we are friends, have plans to meet, or are involved in a GPS-based Web3 game you have no business knowing my GPS coordinates.”

The post S. Korean Authorities Ask Interpol to Issue Red Notice for Terra Co-Founder Do Kwon appeared first on Crypto Insider.