HomeBusinessWhat crypto developer was not wanted in Singapore for fraud: Police

What crypto developer was not wanted in Singapore for fraud: Police

What crypto developer was not wanted in Singapore for fraud: Police

Wanted crypto developer Do Kwon is not in Singapore, say police

The Singapore police force said on Saturday that wanted crypto developer Do Kwon, who has been accused of fraud by investors following the collapse of his cryptocurrencies Luna and TeraUSD, is currently not in the city-state.

Kwon, the primary developer of the two cryptocurrencies that had a spectacular fall in crypto markets around the world in May, was also the founder of the blockchain platform Terraform Labs, which was accused of fraud by investors following the collapse.

Last week, a spokesman for South Korean prosecutors said an arrest warrant had been issued for six people, including Do Kwon, and that they were living in Singapore.

The arrest order came after months of investigation and amid public outcry in South Korea over the collapse. Globally, investors lost an estimated $42 billion in the two coins, according to blockchain analytics firm Elliptic.

A statement from Singapore Police late Saturday also said they would assist South Korean police within the limits of its domestic law and international obligations.

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