Terra's Do Kwon May Be in Europe: Report

Prosecutors also said they have obtained chat histories which point to price manipulation of the tokens he created, according to the report.

AccessTimeIconNov 4, 2022 at 11:47 a.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC

South Korean prosecutors have indicated the fugitive co-founder of Terraform Labs, Do Kwon, is in Europe, Bloomberg reported on Friday.

Prosecutors also said they have obtained chat histories that point to price manipulation of the tokens he created.

The Terra ecosystem collapsed in May, losing $60 billion in value, after which Kwon faced charges of violating capital markets laws in South Korea. Terra's collapse was a seismic event in the crypto industry with reports of some investors losing their life savings.

Kwon departed his native South Korea for Singapore, denying reports that he was on the run. He claimed he had moved to Singapore prior to the collapse of Terra.

He reiterated this claim on Twitter this week, saying he would throw a conference "to get over this in hiding bs."

Last month, it was reported that he had left Singapore for Dubai.

Terraform Labs did not immediately respond to CoinDesk's request for comment.

CORRECTION (Nov. 4, 15:15): Corrects Terra ecosystem loss to $60 billion in third paragraph. An earlier version of this story said $60 million.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.