South Korean prosecutors consider Do Kwon (Terraform Labs) a fugitive

South Korean prosecutors consider Do Kwon (Terraform Labs) a fugitive

South Korean prosecutors called the CEO a Terraform LabsDo Kwon, of β€œfugitive” and claimed he fled South Korea in April, days before the crash of Terra ecosystem cryptos like TerraUSD (UST).

Source: Screenshot/YouTube/Terra

On Saturday, Mr Kwon took to Twitter to deny he was trying to evade prosecutors in his home country, despite having been issued a warrant for his arrest. Prosecutors even asked the Foreign Office to cancel Kwon’s passport, as well as the travel documents of four other Terraform leaders. But Kwon appears to have taken lightly the allegations that he is now “on the run”.

According to the Dong A Ilbo, told reporters at a press conference on September 18:

“Kwon moved to Singapore towards the end of April and dissolved the national company he used to issue crypto. It is clear that he absconded and left the country for Singapore. We issued a warrant for his arrest as we fear he will not respond to requests for questioning.”

The prosecution added that they are concerned that Kwon “would not cooperate at all with the investigative process” during “searches and seizures.”

Officers added that they are currently “looking into Kwon’s whereabouts.” They also reportedly contacted Interpol to ask for cooperation.

Over the weekend, Singaporean police reportedly said Kwon had already left the country.

The evidence against Kwon and Terraform seems to be piling up. Prosecutors also claimed that Kwon’s close family followed the CEO to Singapore a month after traveling to the same destination.

They also believe that a number of other Terraform executives β€œalso fled South Korea” before or just after the crypto crash.

Citing Singaporean sources, Chosun Ilbo reported that Kwon’s remaining residency days in Singapore were counted anyway as he currently holds an EntrePass which, according to the country’s labor ministry, “allows contractors eligible foreigners to start and operate a business in Singapore that is funded by venture capital funds or uses innovative technologies.

Kwon’s EntrePass is due to expire on December 7, and his request to extend the document’s validity has already been denied. Chosun adds that the Ministry of Labor has already canceled EntrePasses for violating Singapore’s coronavirus prevention protocols.

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