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 their trip to Dubai is probably a stopover to another destination.

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

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

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

“It’s not in the interest of running away,” he said. “I don’t want to reveal where I live. It’s just that every time where I live is known, it becomes almost impossible for me to live there.”

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

Nearly two weeks later, an Interpol Red Notice was issued for his arrest following a request from prosecutors in South Korea, making him a fugitive in nearly 200 countries around the world.

According to The Korea Times, South Korean investigative authorities have asked neighboring countries to cooperate in identifying Kwon’s specific whereabouts.

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

You have until November 2, 2022, after which you will be barred from legally entering any country if you do not surrender your 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 broader impact that affected the crypto market in general, convulsing the digital assets sector and burdening investors with losses.

Currently, the crypto sector is still affected by the fall of the stablecoin and the recovery is still in process.

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