Terra Founder

Reports had indicated that Terra founder Do Kwon was hiding out in Singapore, but he has since fled the country via Dubai to an unknown destination. According to South Korean prosecutors, Do Kwon flew out of Singapore and landed in Dubai, United Arab Emirates, last month (UAE). The group is currently trying to track his movements around Dubai and the surrounding countries.

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Prosecutors in South Korea follow Do Kwon to Dubai.

When South Korea issued warrants for Do Kwon and five other Terra executives, Singaporean police already knew he had left the country. Prosecutors in South Korea later asked Interpol to blacklist Terra’s founder, Do Kwon. It is said that Terra’s creator is now wanted by authorities in 194 different nations.

It was reported on October 20 by Chosun Biz that prosecutors from South Korea and Interpol had traced Do Kwon to Dubai. The prosecution claims Do Kwon flew out of Singapore and landed in Dubai a month ago. No evidence of entry has been found at airports in the UAE, where investigators are looking. Meanwhile, authorities in Dubai have asked their counterparts in neighbouring countries to help them locate him.

The Prosecutor’s Office for the Southern District of Seoul and Interpol are currently looking for him. However, law enforcement has not been able to find him as of yet.

Do Kwon said in a recent interview with Unchained that he has no plans to return to South Korea now that his passport has expired. Furthermore, he restated his earlier claims that “he is not on the run” and is in fact helping the authorities. Do Kwon, however, has confirmed that he has not seen any warrants or other documents pertaining to the Interpol red notice.

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Terra’s founder, Do Kwon, is very social on the microblogging service and has accused authorities of spreading false information about him. Do Kwon apologised for the $60 billion loss to Terra investors in a recent interview, but he denied most of the allegations made against him. In addition, he admitted that the compensation he and Luna Foundation Guard (LFG) had previously promised is highly unlikely to materialise any time soon.

Affect on the Cost of Terra (LUNA)

The increasing pressure from South Korean prosecutors against Terra’s founder Do Kwon has had an effect on the price of Terra (LUNA). Executives at Terra are being looked into in South Korea for possible violations of the Capital Markets Act, fraud, and money laundering.

The price of LUNA has dropped nearly 2% in the past 24 hours, to $2.44. Despite Do Kwon’s denial of involvement with Terra Classic, he is credited with maintaining his hold on the LUNC price. Today, a single LUNC is worth $0.00025, a 2% increase from the price a day ago.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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