According to local police, Do Kwon, founder of Terraform Labs isn’t in Singapore. After a South Korean court issued an arrest warrant, Do Kwon was arrested on suspicion of fraud following the fall of cryptocurrency luna and terrausd. However, Kwon insists that he is not “on the run.”
Police Say Do Kwon Isn’t in Singapore
According to the Singapore Police Force (SPF), Kwon Dohyung, Terraform Labs founder, was not currently in Singapore. The police replied to an AFP inquiry via email:
Do Kwon cannot currently be found in Singapore. SPF will provide assistance to the Korean National Police Agency.
Kwon frequently stated via Twitter that he was in Singapore. According to Singapore’s Straits Times newspaper, his work permit in the city-state was due to expire on Dec. 7.
A spokesperson from South Korean prosecutions stated last week that six persons were arrested, including Kwon. He also noted that Terraform Labs founder is based in Singapore. Kwon was accused of fraud in the aftermath of the crash of the crypto luna (now named luna classic (LUNC), stablecoin terrausd UST). In addition, the country’s ministry of foreign affairs is reportedly planning to revoke his passport.
According to reports, Terraform Labs and its collapse in stablecoin UST are being investigated by the Securities and Exchange Commission of the USA (SEC). In a few recent interviews, Kwon said he was “devastated” when his crypto project collapsed.
Kwon made a series on Twitter to explain his position Saturday. Kwon insisted:
I am not ‘on the run’ or anything similar — for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide.
“We are in the process of defending ourselves in multiple jurisdictions — we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months,” he wrote in another tweet.
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