Latest News

Wanted Terra Founder Do Kwon Says He’s Not ‘On The Run’, SPF Confirms He Isn’t In S’pore

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.

Source: Do Kwon on Twitter

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.

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from Getty Images via Bloomberg.

Jonathan Yee

Jonathan is a bedroom headbanger. His Kobo is never far from him.

Recent Posts

2 community cats die after being hit by cars in Marine Terrace, caregivers seeking footage

The driver who hit one of the cats purportedly denied doing so behaved angrily.

23 Nov 2024, 1:33 am

‘Tiger Candy’ contains erectile dysfunction medicine, may cause painful & exceedingly long erections: SFA

It has been marketed online as a candy that helps with male sexual enhancement.

23 Nov 2024, 12:11 am

Pop Mart pursuing legal action over unauthorised use of Labubu images by certain brands

"POP MART does not have any official licensed partners in Singapore," it said.

22 Nov 2024, 11:25 pm

Heavy rain on 22 Nov causes flash floods in Yishun & Potong Pasir, 127.7mm recorded in northern S’pore

51% of Singapore's average monthly rainfall in November fell in northern Singapore over less than…

22 Nov 2024, 10:27 pm

Pilot treats passengers to pizzas after emergency landing causes hours-long delay in the US

He made sure all the passengers were served before taking a slice for himself.

22 Nov 2024, 6:32 pm

Woman in China grows ‘trident’ flesh on fingernail, apparently due to improper & frequent manicures

The doctor recommended a 2-week gap between manicures to allow nails to recover.

22 Nov 2024, 6:08 pm