Needed crypto developer Do Kwon is at present not in Singapore, police say

SINGAPORE — Singapore Police Pressure stated on Saturday the needed crypto developer Do Kwon, who’s accused of fraud by traders following the collapse of his cryptocurrencies Luna and TerraUSD, is at present not within the city-state.

Mr. Kwon, the first developer of the 2 cryptocurrencies whose spectacular collapse in Might roiled crypto markets around the globe, was additionally the founding father of blockchain platform Terraform Labs, which has been accused of fraud by traders within the wake of the collapse.

Final week, a spokesperson for South Korean prosecutors stated arrest warrants had been issued for six folks, together with Do Kwon, and that they have been residing in Singapore.

The arrest order got here after months of investigation and amid public outrage in South Korea over the collapse. Globally, traders within the two cash misplaced an estimated $42 billion, in keeping with blockchain analytics agency Elliptic.

A press release from the Singapore police late on Saturday additionally stated they might help the South Korean police throughout the ambit of its home laws and worldwide obligations. — Reuters

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