SPF Confirms That Terra Luna Founder is No Longer in S’pore

By
Chloe Tan
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Seems like Terra Luna’s founder Do Kwon’s attempts to renew his employment pass in Singapore didn’t work, since the SPF had confirmed that he is no longer in Singapore.

This comes after South Korea has been trying to force him to leave Singapore while investigating him for crimes in the Korean capital market.

Wait, Who?

For the “cryptocurrency bros” among us, you’ve probably heard of Terra Luna, a cryptocurrency company that was founded by Mr Kwon, a South Korean.

The 31-year-old, who is known as Do Kwon, founded Terraform Labs in 2018 with a partner after failing at his first attempt to invent a stablecoin project.

And for those who have absolutely no idea who I’m talking about, here’s all you need to know about him:

After his cryptocurrency company crashed, he’s been trying to apply to renew his employment pass in Singapore. But it seems like that has crashed and burned too.

SPF Confirms He Left Singapore 

A spokesperson for the Singapore Police Force confirmed that Do Kwon is no longer in Singapore.

The SPF will be working together with the Korean National Police Agency (KNPA) in investigations against him. This comes after Seoul issued arrest warrants for Do Kwon and five others based in Singapore for violating South Korea’s capital market regulations on 14 September.

As for how Kwon’s actions came to light, the Financial Times previously reported that the relevant authorities in South Korea apparently started looking into issues related to Kwon and Terraform Labs due to two complaints being filed against the company.

The complaints, which represented a whopping 81 investors, accused Kwon and Terraform Labs of “deceiving investors”.

“Not On The Run”

After news broke out that he isn’t in Singapore anymore, Do Kwon tweeted that he is “not on the run”.

“For any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide,” tweeted Do Kwon on 18 September.

“We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months. Cheers.”

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Despite this, he hasn’t revealed his location since leaving Singapore. Saying that he isn’t on the run sounds exactly like something one would say… if they’re running away or hiding. 

His latest tweet at point of writing is a joke about how he hasn’t gone running in a while, referencing his claim that he isn’t on the run.

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Featured Image: LinkedIn + sdx15 / Shutterstock.com

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Chloe Tan
Email: [email protected]