Terra co-founder Do Kwon says he’s not ‘on the run’

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Do Kwon, the co-founder of the Ter­ra ecosys­tem, took to Twit­ter on Sat­ur­day assert­ing he’s “not ‘on the run’ or any­thing sim­i­lar” after the Sin­ga­pore Police Force (SPF) said Kwon wasn’t in the city-state.

On Sept. 14, South Kore­an author­i­ties issued an arrest war­rant for Kwon and five oth­er asso­ciates for alleged vio­la­tions of the country’s cap­i­tal mar­kets laws. All were known to be in Sin­ga­pore at the time, with pros­e­cu­tors also attempt­ing to revoke their pass­ports a day lat­er on Sept. 15.

“For any gov­ern­ment agency that has shown inter­est to com­mu­ni­cate, we are in full coop­er­a­tion and we don’t have any­thing to hide,” Kwon tweeted.

Kwon did not reveal where he was, say­ing cryp­to Twit­ter has “no busi­ness know­ing my GPS coor­di­nates.” He added they are defend­ing them­selves in “mul­ti­ple juris­dic­tions” and look for­ward to “clar­i­fy­ing the truth over the next few months.”

Sin­ga­pore does not have an extra­di­tion treaty with South Korea, but the SPF stat­ed it will assist Kore­an author­i­ties with­in the scope of its domes­tic laws and inter­na­tion­al oblig­a­tions and didn’t pro­vide any fur­ther details.

In May, the Ter­ra ecosys­tem Kwon co-found­ed arguably had the biggest crash in cryp­tocur­ren­cy his­to­ry after its algo­rith­mic sta­ble­coin Ter­raUSD Clas­sic (USTC), orig­i­nal­ly Ter­raUSD (UST) lost its US dol­lar peg to hit a low of $0.006 in June.

Its sis­ter asset, now known as Ter­ra Luna Clas­sic (LUNC) met a sim­i­lar fate with an all-time low of $0.0000009 in May after hit­ting its all-time high of over $119 the month pri­or. The twin col­laps­es caused pan­ic among traders, with sell­ing pres­sure lead­ing to a wider col­lapse in the dig­i­tal asset mar­ket.

Relat­ed: Col­lapse of Ter­ra blockchain ecosys­tem forces tal­ent migration

Pre­vi­ous­ly, South Kore­an pros­e­cu­tors banned Ter­ra employ­ees from leav­ing the coun­try in June to stop the pos­si­bil­i­ty of them flee­ing to avoid inves­ti­ga­tion, Do Kwon was already resid­ing in Sin­ga­pore at the time.

In July, South Kore­an author­i­ties raid­ed 15 firms includ­ing sev­en cryp­to exchanges con­nect­ed to the col­lapse of Ter­ra report­ed­ly gain­ing access to data relat­ed to USTC and LUNC transactions.



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