Singapore Police Probes Do Kwon Over Terraform Labs
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Singapore police issued a statement on Monday saying fugitive crypto entrepreneur Do Hyeong Kwon is now under investigation in relation to Terraform Labs.

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According to a report from Bloomberg, the inquiries are still ongoing as Kwon's whereabouts remain unclear. As per reports, the 31-year-old might be hiding from South Korean authorities in Serbia after Interpol issued a red notice for him in September 2022. Seoul's prosecutors said that reports about Kwon's relocating to a Balkan nation "aren't false."

Kwon has repeatedly denied accusations of hiding from South Korea's law enforcement, saying he doesn't want to reveal his location for "security purposes."

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In early February, South Korean prosecutors as well as a senior Justice Ministry official traveled to Serbia to seek help from the local officials in arresting Do Kwon as there's no extradition treaty between both countries.

In mid-February, the US Securities and Exchange Commission (SEC) charged Terraform Labs and Do Kwon with orchestrating a "multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities." The SEC alleges that Terraform and Kwon marketed crypto asset securities to investors seeking to earn a profit, repeatedly claiming that the tokens would increase in value.

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