Singapore Police Investigates Crypto Fugitive Do Kwon’s Company!

last month US Securities and Exchange Commission (SEC), kwon And Terraform Labs accused of fraud. Singapore police, crypto fugitive Do Kwon He said they have launched an investigation in connection with the company Terraform Labs, which was founded by

Singapore Police Starts Investigating Crypto Fugitive Do Kwon’s Terraform Labs

In the statement made via e-mail today, it was stated that “Investigations regarding Terraform Labs have been started” and that the investigations are continuing. It was also stated that Kwon is not currently in Singapore.

The US Securities and Exchange Commission accused Kwon and Terraform Labs of fraud last month. Kwon also faced charges in his home country of South Korea for losing $60 billion in value in the digital assets he produced.

The 31-year-old Kwon developed the TerraUSD stablecoin, which should have a fixed value of $1. The structure went bankrupt in May 2022, exacerbating the collapse in the crypto market and causing the collapse of a number of digital asset institutions.

Kwon’s whereabouts became unclear after South Korea issued an arrest warrant and Terraform Labs left Singapore, where it has a base. South Korea said Kwon was the subject of Interpol’s red notice, which has previously denied having committed a crime.

The SEC also said in its lawsuit that Kwon and Terraform Labs transferred more than 10,000 Bitcoins from their failed projects and cashed some of the tokens through a Swiss bank.

Kwon used to be active on Twitter. At one point last year, he made fun of the events surrounding him. He trolled the cops and posted a picture of a gun that read “pew pew”. Kwon hasn’t tweeted since February 1.

*Not investment advice.