Do Kwon Currently Not In Singapore, In The Process Of Renewing Work Permit
The founder of failed cryptocurrency Terra, Do Kwon, is not in Singapore as previously thought.
On Sunday (18 Sep), days after South Korea put out an arrest warrant for him and five others involved, the Singapore Police Force (SPF) stated that he was not in Singapore.
“SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations,” it told Channel NewsAsia.
Kwon has said on Twitter that he is not on the run, that they are in full cooperation and have nothing to hide.
Do Kwon not in Singapore, says SPF
The information from SPF follows the arrest warrant put out for Do Kwon on 14 Sep.
South Korean prosecutors had pinpointed Kwon and five associates as residing in Singapore. They are currently wanted on allegations of violations of capital markets law.
Source: Woohae Cho on Bloomberg
The Straits Times (ST) reported on 16 Sep that Kwon had applied to renew his Employment Pass (EP) in Singapore, but it is currently “pending”.
His current EP expires on 7 Dec. The Ministry of Manpower rejected an attempt to apply for an EntrePass by Kwon. According to ST, an EntrePass allows eligible foreign entrepreneurs to start and operate a business in Singapore that is venture-backed or possesses innovative technologies.
South Korean officials were looking to revoke his passport. This means that he must return to Seoul within 14 days if it’s successful.
An extradition request is also possible, but Singapore does not have a bilateral extradition treaty with South Korea.
Luna crash led to arrest warrant
Kwon is the founder of Terra-Luna, a stablecoin that crashed in May, causing a US$40 billion loss. Its value dropped from over S$140 (US$100) to just 9 cents. Kwon claimed he lost most of his net worth in the crash.
While he was in Singapore at some point after May, his current whereabouts are unknown.
Kwon refused to state where he is at the moment except to friends, if he has plans to meet them, or if they are involved in a GPS-based web3 game, according to a tweet he made.
He noted that he and his associates are “in the process of defending ourselves in multiple jurisdictions”. They look forward to clarifying the truth over the next few months.
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Featured image adapted from Getty Images via Bloomberg.
