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Singapore police begin probe linked to Do Kwon’s Terraform Labs: Bloomberg

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Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.

See related article: Why is it harder to arrest Terra-Luna founder Do Kwon than FTX’s Sam Bankman-Fried?

Fast facts

  • Singapore-based Terraform Labs and its chief Kwon Do-hyung, known as Do Kwon, was charged by the U.S. Securities and Exchange Commission last month for defrauding investors through “a multi-billion dollar crypto asset securities fraud.”
  • Do Kwon reportedly left his home in Singapore last year after the International Criminal Police Organization (Interpol) issued a “red notice” asking agencies worldwide to help locate Do Kwon. 
  • The US$40 billion implosion of the Terra stablecoin and Luna cryptocurrency in May last year had led to a series of collapses in the crypto industry in the months that followed.
  • Do Kwon had said that while the collapse of the Terra-Luna stablecoin was his responsibility, there was no fraud. 
  • The South Korean national is reportedly residing in Serbia. The Seoul Prosecutors’ Office told Forkast last month that Serbian authorities will “actively cooperate” in locating Do Kwon. 
  • See related article: Terra CEO Do Kwon, wanted in South Korea, left Singapore and flew to parts unknown via Dubai

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