S. Korean Prosecutors Say Reports of Do Kwon's Stopover in Dubai 'Not False': Bloomberg
Kwon's Terra ecosystem collapsed in May with $60 billion in value imploding, after which he faced charges of violating capital markets laws in South Korea.
The co-founder of Terraform Labs, Do Kwon, is rumored to have left Singapore for Dubai – rumors that may have some validity, Bloomberg reported on Friday.
On Thursday there were reports Kwon had left Singapore last month and landed in Dubai. According to Bloomberg, South Korean prosecutors have said that the report was "not false."
The Terra ecosystem imploded in May, evaporating $60 billion in value, after which Kwon faced charges of violating capital markets laws in South Korea.
Having departed his native country for Singapore, Kwon denied reports that he was on the run, despite Interpol issuing a "red notice" for his arrest. He claimed he had moved to Singapore before the collapse of the Terra ecosystem.
Terraform Labs and the Seoul Prosecutors Office did not immediately respond to CoinDesk's request for comment.
Terra's collapse led to far-reaching damage across the crypto industry with reports of some investors losing their life savings.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.