Kwon Do-hyung, the cofounder and chief executive officer of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast.
See related article: South Korea indicates fugitive Do Kwon’s passport still valid; his location unknown
An investigative team is weighing the likelihood of Dubai as a stopover for Kwon, as no records have been found of Kwon’s UAE entry at the airport.
Local prosecutors and police have requested countries adjacent to Dubai help track Kwon’s whereabouts.
Kwon’s exact whereabouts have been unclear since the Terra-LUNA crash earlier this year in May, while many speculated that he was in Singapore as the city-state was Kwon’s last known location.
“It’s not in the interest of being on the run … it’s just that every time the location where I live becomes known, it becomes almost impossible for me to live there,” Kwon said during a recent interview on the Unchained podcast, adding that he has experienced a breach in personal privacy and security.
South Korea is investigating Kwon and Terraform Labs associates under multiple charges including fraud and violation of the Capital Markets Act following the collapse of Terra stablecoin and cryptocurrency that blew away over US$60 billion in crypto market capitalization.
The Seoul Southern District Prosecutors’ Office, in charge of the investigation, has issued an arrest warrant, is processing a passport nullification and asked Interpol to launch a “red notice” on Kwon. A red notice asks global law enforcement to locate and provisionally arrest an individual.
See related article: South Korea’s investigation of Do Kwon ‘unfair’: Terraform Labs