South Korean Prosecutors have confirmed that Do Kwon might have fled Singapore as he was believed to be in hiding there.
In a text message on Thursday, reported by Bloomberg, they said reports suggesting that Kown flew to Dubai for a possible stopover before escaping to an unknown destination are “not false.”
Hunt for Do Kwon
Kwon left South Korea in April, and certain reports suggested he was in Singapore until the arrest warrant was issued against him. His family and key finance personnel also left the Eastern Asian country in May. as he disbanded Terraform’s local operations.
The Singapore police argued last month that Kwon was not present in the city-state. Reacting to the arrest warrant, Kwon said he was not on the run but cooperating with watchdogs in different jurisdictions, and he doesn’t intend to submit himself to the authorities in his country.
Later, South Korea recommended Interpol issue a red corner notice against the Terra co-founder, and now he is officially on the wanted list of international crime police. It also revoked Kwon’s passport, which became invalid on October 19.
While South Korean law enforcement authorities and Interpol have not been able to trace the 31-year-old fugitive, the search has become curious, with over 4,400 UST investors joining it under UST Restitution Group (URG) and looking for him through online resources, media reports said.
Interpol’s role is limited to seeking custody once the fugitive is traced in a member country, but it’s up to the government to act and apprehend the wanted person in the first place.
URG members are seeking out Kwon on the internet through social messaging platforms such as Discord. Their discussions have thrown up a list of countries where they think Kown could be hiding, and it includes Dubai, Russia, Azerbaijan, Mauritius, and Seychelles.
UST-Luna’s Fall and its Aftermath
Last month, a Seoul court issued an arrest warrant against Kwon after he ignored several summonses to appear before the court and cooperate with the investigations. Following the collapse of TerraUSD and Luna, tens of South Korean retail investors filed lawsuits against him.
The court has compiled these complaints into two cases. South Korean authorities have brought additional charges against Kwon that include violation of the country’s capital market rules and financial fraud.