Singapore Police: "Terra's Kwon Do-hyung Not in Singapore... Will Assist Korean Police"

[Image source=Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Singapore police have announced that Kwon Do-hyung, CEO of Terraform Labs, who has an arrest warrant issued for violating the Capital Markets Act, is not currently staying in Singapore, contrary to earlier reports.

According to AFP on the 17th (local time), Singapore police stated regarding Kwon's whereabouts, "He is currently not staying in Singapore." They added, "We will assist the Korean National Police Agency within the scope of domestic laws and international obligations." However, they did not disclose specific details such as immigration records.

According to Bloomberg, a few hours after the Singapore Police Force's announcement, CEO Kwon posted on his Twitter account stating, "I am not on the run." He further claimed, "We are fully cooperating with any government agency interested in communicating with us, and we have nothing to hide."

Earlier, Kwon, the developer of Luna and Terra, was sued by investors in May on charges including fraud after the price of the respective coins plummeted. Following an investigation lasting over four months, the Korean prosecution recently obtained arrest warrants for six individuals, including CEO Kwon, founding member Nicholas Platias, and Han Mo, CEO of Chai Corporation, an affiliate of Terraform Labs, on charges of violating the Capital Markets Act.

Since CEO Kwon was initially reported to be staying in Singapore, it is expected that Interpol red notices and other measures will be pursued based on the arrest warrants to secure his custody. The prosecution has also requested the Ministry of Foreign Affairs to invalidate Kwon's passport. If the Ministry decides to invalidate the passport, he must return within 14 days.

This content was produced with the assistance of AI translation services.