The co-founder of Terraform Labs, Do Kwon, is rumored to have left Singapore for Dubai, rumors which may have some validity, Bloomberg reported on Friday.
On Thursday, there were reports that Kwon had left Singapore last month and landed in Dubai. According to Bloomberg, South Korean prosecutors have said that the report was "not false."
The Terra ecosystem imploded in May evaporating $60 billion in value, after which Kwon faced charges of violating capital markets laws in South Korea.
Having departed his native country for Singapore, Kwon denied reports that he was on the run, despite Interpol issuing a Red Notice for his arrest. He claimed he had moved there before the collapse of the Terra ecosystem.
Terraform Labs and the Seoul Prosecutors Office did not immediately respond to CoinDesk's request for comment.
Terra's collapse led to far-reaching damage across the crypto industry with reports of some investors losing their life savings.