The Seoul Prosecutor's office said that the information about the flight of the founder of TerraForm Labs to Dubai "was not fake".
The South Korean authorities confirmed the information about the relocation of the founder of TerraForm Labs To Kwon from Singapore. According to the statement of law enforcement agencies, the news that Kwon left Singapore and flew to Dubai, most likely for an intermediate stop, "was not fake."
Kwon's Terra crypto project failed in May of this year, as a result of which the crypto community suffered losses of $ 60 billion. The company's problems began when the UST stablecoin lost its peg to the US dollar after a one-time token sale worth about $300 million. In South Korea, Kwon has been charged with violating the Capital Markets Act and a warrant has been issued for his arrest.
This year, Do Kwon moved from South Korea to Singapore, but his location has been unknown since September 17. Over the past month, the prosecutor's office has stepped up efforts to find the accused, and Interpol has put the founder of Terra on the international wanted list. Kwon denies any wrongdoing and has not revealed his whereabouts.
On September 15, the Seoul Southern District Prosecutor's Office also demanded that the passports of TerraformLabs founder Do Kwon and five other people under investigation be canceled. By canceling the documents, the South Korean authorities are trying to force Kwon to return to the country.