Several authorities and regulatory bodies across the world are on the lookout for Terraform Labs’ founder Do Kwon. Parallelly, a host of investigations against the executive and the company are also going on.
According to a recent report, Singapore’s police authorities have already started a probe associated to Do Kwon’s company. Writing to Bloomberg, the police force revealed on Monday, that “investigations have commenced in relation to Terraform Labs.” Furthermore, they clarified that the inquiries are “ongoing.”
Authorities say Kwon isn’t in Singapore currently
Do Kown’s whereabouts still remain to be unclear, and speculations about his last location are time and again debated. Over the past few months, the founder of Terraform Labs has reportedly moved from Singapore to Dubai and Serbia. According to the latest Bloomberg report, the former region, i.e. Singapore, is currently out of the equation, for the authorities have said that Kwon isn’t currently in the city state.
Serbia, however, remains to be his alleged last location and South Korean officials decided to pay a visit there last month in search of the crypto fugitive. Notably, they went there to garner aid from the Serbian government to track down the executive.
Also Read – Terra: South Korean Officials Reach Serbia in Search of Do Kwon
In mid-February, the U.S. Securities and Exchange Commission (SEC) filed charges against the Terraform Labs’ executive for fraud. The regulator alleged that Terraform crafted a multi-billion dollar “crypto asset securities fraud.” According to official complaint, from April 2018 until the scheme’s collapse in May 2022, Terraform and Kwon raised billions of dollars from investors by offering and selling an inter-connected suite of crypto asset securities.
The agency’s Chairman, Gary Gensler, further alleged that Terraform and Do Kwon “failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD.”
Also Read: SEC Charges Terra Founder Do Kwon For Fraud