The founder of the collapsed crypto Terra LUNA/USD and terraUSD, Do kwonis is said to have stayed in Dubai after fleeing Singapore.

South Korean prosecutors said a report that Kwon left Singapore and flew to Dubai, likely as a stopover to unknown destinations, was “not wrong”. reports Bloomberg.

Last month, The South Korean authorities issued an arrest warrant for Kwon and five others following the collapse of its blockchain platform, Terraform Labs.

Kwon’s whereabouts must be clarified as Singapore police told South Korean authorities last month that Kwon was no longer in the country.

Kwon later said the claims that he was on the run were false.

The International Criminal Police Organization has issued a “Red Notice” for Kwon.

Also read: Terras Do Kwon denies $2.7 billion payout, Michaël Van De Poppe says he deserved jail

Kwon is the main developer of the two cryptocurrencies whose spectacular collapse shook crypto markets worldwide.

The arrest warrant from South Korea came amid public outrage in South Korea over the collapse. According to blockchain analytics firm Elliptic, investors in the two coins lost an estimated $42 billion globally.

In June, employees of TerraForm Labs (TFL). said that $80 million in company funds were being sent to “secret wallets” every month prior to LUNA’s collapse, and Kwon was responsible for that decision.

The Luna Foundation Guard (LFG), a nonprofit created to support the Terra System, has said that due to ongoing litigation it was unable to repay small farmers its collapsed stablecoin.

Photo Courtesy: Terraform Labs