Singapore files case against Do Kwon

The Singapore police opened a criminal case against the collapsed project Terraform Labs last year and its founder Do Kwon, who is now on the run.

The number of Do Kwon’s persecutors continues to grow. Now Singaporean police have also outlawed the founder of Terraform Labs, which collapsed in a big way last year. According to message Bloomberg, the Singapore Police Department has opened a criminal case against Terraform Labs and Do Kwon and is currently investigating.

Recall that Terraform Labs is registered in Singapore, but the actual location of Do Kwon remains unknown.

Back in July 2022, U.S. law firm Bragar Eagel & Squire filed a class-action lawsuit against the Terra group of crypto companies and hedge fund Three Arrows Capital, accusing them of defrauding investors. In the same month, the South Korean Ministry of Justice approved a request from the Seoul prosecutor’s office to detain Terra founder Do Kwon if he were in the country.

In September, a South Korean court issued an arrest warrant for Do Kwon and five other representatives of the company, while law enforcement agencies turned to the Foreign Ministry with a request to cancel the passports of Kwon and other top managers of Terraform Labs in order to deport them from Singapore.

This forced the creator of Terra to leave Singapore, although Kwon denied reports on his Twitter that he had gone on the run, as well as denied the existence of an official warrant for his arrest.

According to the latest information, in February, Korean security forces, along with representatives of the Ministry of Justice, arrived in Serbia, where he was allegedly hiding, to capture Do Kwon.

Recall also that one of the last to pursue the fugitive also joined the American regulators. On February 17, it became known that the SEC charged the founder of Terra with “organizing a multibillion-dollar securities fraud, in the form of crypto assets, using an algorithmic stablecoin and other securities, in the form of crypto assets.”

Source: Cryptocurrency

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