According to South Korean authorities, Terraform Labs’ co-founder and CEO, Do Kwon, fled to Dubai last month to avoid arrest by law enforcement.
According to new reports, Kwon has fled the UAE and is currently hiding out in a mysterious “third” country.
According to Maeil Kyungjae, the police and the Seoul Southern District Prosecutor’s Office are currently collaborating to find Kwon.
They speculate that Kwon passed through Dubai on his way to a “third country” and that he may have attempted to conceal his “record of entry” there. Kwon is wanted by South Korean authorities, who have also issued an arrest warrant and a Red Notice through Interpol. South Korea’s Foreign Ministry has since revoked his passport.
The officers were reportedly quoted as saying that they were communicating with authorities in “neighbouring countries” to the UAE in order to track down the Terraform CEO.
Kwon has remained defiant on social media, refusing to reveal his whereabouts and insisting that he is not “on the run.“
Authorities and prosecutors, on the other hand, are eager to apprehend Kwon, especially since his actions suggest a deliberate attempt to avoid capture.
The value of LUNC has gradually increased over the past few hours, and its price has risen by approximately 2.2% in the last 24 hours.
Kwon relocated to Singapore shortly after Terraform’s South Korean operations were closed. According to the authorities, he was quickly followed by his loved ones.
When Terra’s ecosystem collapsed, and the UST stablecoin lost its peg in early May, South Korean prosecutors were puzzled as to why Kwon had shut down his businesses so quickly before the crash.
South Korean netizens speculate that Kwon is “hiding” in Cambodia or Myanmar. Rumours have it that he has sought refuge in Russia or on a yacht.
According to the Financial Times, a disgruntled investor group believes Kwon is still in Dubai, and one of them intends to travel to the United Arab Emirates (UAE) to try to locate “the most wanted man in crypto.“
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