Do Kwon Says He Is Not Hiding As The Crypto Search Intensifies
Table of contents
"I go on walks and malls," he added.
Do Kwon Relocated To Singapore
Kwon relocated from South Korea to Singapore earlier this year, where he maintained a base for the defunct Terraform Labs project. Still, it is unclear where he is now after the city-state announced on September 17 that he had left. The prosecution subsequently intensified the search for him. Given that law enforcement authorities worldwide were working together to find and detain Kwon, experts predicted that his arrest and repatriation to his country might only be a matter of time.
Prosecutors in South Korea have charged the co-founder of Terraform Labs and five friends with financial fraud and breaking the country's capital market laws. After he informed law enforcement via his attorney that he had no intention of coming for interrogation, prosecutors also sought Seoul's foreign ministry to revoke Kwon's South Korean passport.
TerraUSD Collapse
Terraform Labs created the algorithmic stablecoin TerraUSD and its sibling token Luna. In May, both coins crashed, causing significant losses in the cryptocurrency markets and escalating regulatory scrutiny of digital assets.
Kwon is being sued in South Korea and the US in class action lawsuits for allegedly defrauding investors. In response to claims that Kwon and his business may have deceived investors by referring to TerraUSD as a stablecoin, the Securities and Exchange Commission (SEC) and South Korean prosecutors are looking into Terraform Labs' marketing strategies.