The founder of Terraform Labs, Do Kwon, is on the run, and his woes seem to be deepening. The Singapore Police have launched an investigation into Terraform Labs, a Singapore-registered company, and its founder.
The police have confirmed that the inquiry is ongoing, and investigations have commenced in relation to Terraform Labs. However, Kwon’s location remains unknown, with reports indicating that he is hiding in Serbia.
Kwon is facing allegations from regulatory authorities worldwide, with the US Securities and Exchange Commission (SEC) charging him with orchestrating a multi-billion dollar crypto asset securities fraud. Interpol has also issued a red notice for his arrest, making him an international wanted person.
The collapse of Terraform Labs in May 2022 triggered a crypto winter that wiped off more than $1.5 trillion in market capitalization. Seoul police have also issued an arrest warrant against Kwon, and he has been missing since September.
The ongoing investigation by the Singapore Police is a significant development in the case against Kwon and Terraform Labs. It remains to be seen what the outcome of the inquiry will be and how it will impact the wider crypto community.
The news of the investigation also underscores the need for regulatory authorities worldwide to remain vigilant and take swift action against fraudulent activities in the crypto space. This will help protect investors and promote the growth of a sustainable and trustworthy crypto ecosystem.