Singaporean police began a probe into Terraform Labs, the firm behind the LUNA token that collapsed last year, and its fugitive co-founder Do Kwon.
The city-state's police force also reiterated its previous claim that Kwon is not currently in Singapore.
- The officials were not able to identify where Kwon is yet.
- Last
year, Kwon's native South Korea issued an arrest warrant for the
co-founder, with five other people related to Terraform Labs, since he
violated capital market law.
- Similarly,
the International Criminal Police Organization (Interpol) has been
seeking the 31-year-old Kwon with a red notice since September 2022.
- Terraform Labs' co-founder was also recently accused of fraud by the U.S. Securities and Exchange Commission (SEC).
- Kwon has not posted any tweets on his official Twitter account since Feb. 1.
- In
May 2022, the multibillion-dollar Terra ecosystem's native token Luna's
price plummeted nearly to zero, losing all its value against the U.S.
dollar despite a good start, triggering a prolonged crypto winter.
- The collapse caused over $60B to be wiped off the crypto market.
- Kwon
has been subject to many lawsuits in South Korea and the U.S. with
allegations including tax fraud, deceiving investors, racket collecting,
and building a Ponzi scheme.
