Earlier this week, South Korean prosecutors issued an arrest warrant for Do Kwon, the disgraced co-founder of the Terra ecosystem that crashed spectacularly in May; they also asked the finance ministry to void his passport. The authorities looking for Kwon believed he was in Singapore, but on Saturday, Singapore police said Kwon is not there.
Now Do Kwon has chimed in on Twitter.
On Saturday afternoon, Kwon tweeted, “I am not ‘on the run’ or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.”
Kwon began the same tweet thread by telling Crypto Twitter: “you have no business knowing my gps coordinates.”
Kwon is charged with violating capital markets rules in South Korea, and also faces legal challenges in multiple jurisdictions.
The collapse of the Terra ecosystem (both LUNA and algorithmic stablecoin UST) triggered a massive crypto selloff, sending Bitcoin and other top cryptocurrencies lower. Four months later, the market remains stuck in a chilly crypto winter.
Terra’s collapse also prompted the high-profile meltdowns of crypto lenders Celsius and Voyager, as well as hedge fund Three Arrows Capital, and has brought even more scrutiny on crypto investing and stablecoins from regulators; the SEC is reportedly investigating whether Kwon’s Terraform Labs violated federal investor protection rules with the way it marketed UST.
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