Singapore police have launched an investigation into Terraform Labs and its founder Do Kwon, who remains a fugitive in his home country South Korea, Bloomberg News reported, citing an emailed statement from law enforcement.<\/p>\n
Kwon owns 92% of Terraform Labs and is the sole director and CEO of the firm.<\/p>\n
The police did not clarify the nature of the investigation beyond the fact that it is “ongoing” and added that Kwon is not currently in the country.<\/p>\n
Terraform Labs is headquartered and registered in Singapore but has not been scrutinized by the country's law agencies until now despite facing criminal charges in other countries.<\/p>\n
Both Kwon and Terraform Labs have been under investigation for several months in South Korea and are facing fraud-related criminal charges for the $60 billion Terra LUNA collapse in May 2022.<\/p>\n
Kwon's whereabouts remain unknown after he absconded, facing legal action in South Korea. The country's law enforcement has issued multiple international arrest warrants for him and is still looking to prosecute.<\/p>\n
Korean police claimed in December 2022 that Kwon was hiding out in Serbia. Kwon was active on social media via occasional tweets until Feb. 1 but has gone radio silent since then.<\/p>\n
Meanwhile, the U.S. SEC also levied charges against Kwon and Terraform Labs in January and is looking to prosecute him for fraud.<\/p>\n