Singapore police launch investigation against Do Kwon


In Singapore, police have launched an investigation into Terraform Labs (TFL) and its CEO, Do Kwon. This is reported Bloomberg with a link to the mailing list.

The law enforcement statement said that the head of the TFL is now outside the city-state. Its exact location is unknown.

In December 2022, the media, citing the South Korean prosecutor’s office, reported that Do Kwon was hiding in Serbia. Later, representatives of the Ministry of Justice and the supervisory agency clarified that these allegations “are not false.”

The collapse of the Terra ecosystem has affected the solvency of major industry players, including crypto lending platform Celsius and hedge fund Three Arrows Capital. The depreciation of LUNA and the algorithmic stablecoin UST also caused significant damage to Anchor Protocol users.

The situation around the project has attracted the attention of South Korean regulators. The Seoul Southern District Prosecutor’s Office also became interested in the activities of the TFL. In September 2022, the court issued an arrest warrant for Do Kwon and five others.

The head of the TFL said he was not “on the run” and was cooperating with law enforcement. In September, Bloomberg reported on the issuance of a “red notice” by Interpol for his detention.

In October, Do Kwon again stated that he was not “on the run” but refused to reveal his location. He added that he did not see a warrant for his arrest, and received all the information from the media.

Recall that in February 2023, the US Securities and Exchange Commission charged TFL and Do Kwon with organizing a multibillion-dollar securities fraud.

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