Terra CEO Do Kwon, wanted in South Korea, left Singapore and flew to parts unknown via Dubai

Oct 20,2022
KingData News: Kwon Do-hyung, the cofounder and chief executive officer of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast. An investigative team is weighing the likelihood of Dubai as a stopover for Kwon, as no records have been found of Kwon’s UAE entry at the airport. Local prosecutors and police have requested countries adjacent to Dubai help track Kwon’s whereabouts.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.