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The Singapore Police Force (SPF) have begun a probe into Do Kwon and Terraform Labs – 10 months after LUNA collapsed.
In a statement on Monday, the SPF said, “Investigations have commenced in relation to Terraform Labs” with "ongoing" inquiries, adding that Do Kwon is not currently in Singapore. He had previously been operating from the city-state.
Singapore is the latest to take action against the crypto villain. Last month, the United States Securities and Exchange Commission (SEC) charged Terraform Labs and Do Kwon with "multi-billion dollar" crypto fraud.
Read more: SEC Finally Charges Do Kwon, Terraform Labs With Fraud
The SEC alleged that from April 2018 until the firm's collapse in May 2022, Terraform and Do Kwon raised billions of dollars through "an inter-connected suite of crypto asset securities, many in unregistered transactions."
"We allege 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," said SEC chair Gary Gensler.
Luna's crash in May 2022 wiped out US$60 billion from the digital currency space.
Too Little, Too Late?
Do Kwon's location has been unclear since September last year after South Korea issued an arrest warrant for him following the crash of LUNA, the native token of the Terra ecosystem.
Even Interpol Issued a Red Notice calling for law enforcement around the world to locate and arrest the crypto outlaw.
Last month, a South Korean delegation went to Serbia to search for Do Kwon.
Read more: Do Kwon Hunted By South Korea Officials in Serbia
Korea Criminal Justice Policy Institute researcher Seung Jae-Hyeon explained that Serbia and South Korea have never signed an extradition treaty, making for the perfect hiding place for the Korean fugitive.
Do Kwon has remained silent on social media, with his last tweet dated 1 February 2023.
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