South Korea says report Do Kwon transited via Dubai ‘not false’

SOME light has been shed on crypto fugitive Do Kwon’s travel after South Korea sought his arrest and his location became a mystery.

Prosecutors in Seoul said in a text message late Thursday (Oct 20) that a report Kwon had left Singapore and flown to Dubai likely as a stopover to destinations unknown “was not false”.

Kwon’s Terraform Labs crypto project suffered a US$60 billion implosion in May, convulsing the digital-asset sector and saddling investors with losses. He faces charges in South Korea, including accusations of breaching capital-markets law.

Kwon, who has denied wrongdoing, refrained from revealing his whereabouts in a podcast earlier this week, citing threats he’s received.

His location became unclear in September after officials said he was no longer in Singapore, where his project had a base. South Korea says Kwon is the subject of an Interpol red notice.

A Terraform Labs spokesperson declined to comment on his movements. Kwon didn’t reply to a request for comment. BLOOMBERG