Report on Kwon's Escape to Dubai in Sept is True: Korean Prosecutors

Prosecutors in Seoul have said that a report about crypto fugitive Do Kwon's departure from Singapore to Dubai in September is true. They added that his travel to Dubai is likely a stopover to another destination.

Bloomberg released the information stating that "prosecutors in Seoul said in a text message late Thursday that a report Kwon had left Singapore and flown to Dubai likely as a stopover to destinations unknown 'was not false.'"

Kwon faces charges in South Korea and has been accused of breaching capital-markets law. Although he has said he is ready to cooperate with the authorities, Kwon has kept his location a mystery, citing that he has received death threats.

Kwon went incognito in September after officials said he was no longer in Singapore, where his project had a base.

"It's not in the interest of being on the run," he said. "I don't want to disclose where I live. It's just that every time the location where I live becomes known, it becomes almost impossible for me to live there."

According to Blockchain.News, Kwon and five other Terraform Labs executives face allegations of breaching capital markets laws in South Korea. They were issued an arrest warrant on September 13 from the court in Seoul for allegedly violating the nation's capital markets law after the highly-publicized collapse of its algorithmic stablecoin UST and its associated token Luna in May.

Almost two weeks later, a red notice from Interpol was issued for his arrest after a request from prosecutors in South Korea, making him a fugitive in almost 200 countries across the globe.

According to The Korea Times, South Korean investigation authorities have requested neighbouring countries to cooperate in identifying Kwon's specific whereabouts.

The Korea Times also reported that according to the Ministry of Foreign Affairs, Kwon's passport would soon be invalidated. 

He has until November 2, 2022, following which he will be barred from entering any country legally if he fails to give up his passport. Previously, he was ordered to surrender his passport on October 5. However, he refused to comply.

In May, Kwon's Terraform Labs crypto project suffered a $60 billion implosion. It had a wider impact that affected the overall crypto market, which convulsed the digital-asset sector and saddled investors with losses.

Currently, the crypto sector still remains rattled by the downfall of the stablecoin, and recovery is still under process.

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