S. Korean Prosecutors Say Reports of Do Kwon's Stopover in Dubai 'Not False': Bloomberg

Kwon's Terra ecosystem collapsed in May with $60 billion in value imploding, after which he faced charges of violating capital markets laws in South Korea.

By Jamie Crawley

Oct 21, 2022 at 8:59 a.m. UTC

Updated Oct 21, 2022 at 3:39 p.m. UTC

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

The co-founder of Terraform Labs, Do Kwon, is rumored to have left Singapore for Dubai – rumors that may have some validity, Bloomberg reported on Friday.

On Thursday there were reports Kwon had left Singapore last month and landed in Dubai. According to Bloomberg, South Korean prosecutors have said that the report was "not false."

The Terra ecosystem imploded in May, evaporating $60 billion in value, after which Kwon faced charges of violating capital markets laws in South Korea.

Having departed his native country for Singapore, Kwon denied reports that he was on the run, despite Interpol issuing a "red notice" for his arrest. He claimed he had moved to Singapore before the collapse of the Terra ecosystem.

Terraform Labs and the Seoul Prosecutors Office did not immediately respond to CoinDesk's request for comment.

Terra's collapse led to far-reaching damage across the crypto industry with reports of some investors losing their life savings.

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