Key Takeaways:
- The Singapore police force has declared that Terraform Labs founder is not in the country.
- Do Kwon is accused of fraud after the collapse of UST and LUNA.
- South Korean authorities have asked Interpol to issue a red notice for Kwon.
LAGOS (CoinChapter.com) — The debacle surrounding the whereabouts of Terraform Labs founder Do Kwon took another twist at the weekend as Singapore Police Force (SPF) disclosed that the wanted developer was not in the city-state.
Recall that a South Korean court had earlier issued an arrest warrant for Kwon, who was supposedly in Singapore. However, in an email response to an inquiry by the AFP, the SPF said Kwon was not in Singapore.
Kwon and five of his associates were accused of fraud by investors in the wake of Terra’s ecosystem collapse. The South Korean court alleged that the entities violated the nation’s capital markets law, hence have cases to answer.
In addition, the country’s ministry of foreign affairs is reportedly planning to revoke Kwon’s passport. This would require him to return to Seoul within 14 days of receiving the notice of revocation. Moreover, Singapore police have also stated that they would assist the South Korean police within the ambit of its domestic legislation and international obligations to apprehend Kwon.
According to blockchain analytics firm Elliptic, globally, investors in Terra’s two coins lost an estimated $42 billion.
I Am Not On The Run, Do Kwon Says
Meanwhile, with the lingering arrest warrant, Do Kwon has come out to deny allegations that he is on the run. The Terra co-founder, via his official Twitter account, also stated that he is cooperating with investigating agencies and has nothing to hide.
Kwon further blasted entities making inquiries about his location, insinuating that it was an invasion of privacy. He said, “[…] think about whether you would be comfortable with the same level of invasion of privacy for yourself.”
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“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.”
Do Kwon added.
Additionally, it is worth noting that the embattled developer has repeatedly indicated on Twitter that he has been in Singapore. According to Singapore’s Straits Times newspaper, his work permit in the city-state was due to expire on Dec. 7.
Interpol To Issue Red Notice
However, in a report, the Yonhap News Agency debunked Kwon’s claims, noting that the Terra founder wasn’t cooperating with authorities. The report further cited prosecutors saying that Kwon has no intention of appearing before them for questioning.
Furthermore, a new report indicates that South Korean prosecutors have asked Interpol to issue a red notice against the Terra founder. Notably, red notices are issued for fugitives wanted either for prosecution or to serve a sentence.
