Against Allegations Terra Co-Founder Do Kwon Says He Is Not ‘On the Run’
The man behind Terra is wanted by South Korean authorities and is not in Singapore as they thought, but tweeted that he’s not hiding.
After reports emerged indicating that South Korean authorities have issued an arrest warrant for Terra’s co-founder, he finally broke the silence, claiming he is cooperating with several global watchdogs.
At the same time, Singaporean police said Kwon is not in the city-state despite multi previous suggestions that he was hiding there.
The overall perception in the crypto community was that Kwon was somewhere in Singapore. However, these rumors were debunked by the local police, according to Reuters.
They said in a statement that Kwon is not in the city-state but vowed to assist their Korean colleagues in locating him.
Kwon, who has been quite inactive on social media after the entire Terra fiasco, finally spoke out late on Saturday.
He asserted that only certain people have the right to ask and know about his location. Moreover, he claimed he was not on the run “or anything similar” as many suspected and that he and his team are actually “in the process of defending ourselves in multiple jurisdictions.”
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.”
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
Kwon began the same tweet thread by telling Crypto Twitter that unless we are friends, plan to meet or play a GPS-based web3 game, you have no business knowing my gps coordinates.
Dear CT – I will tell you what i am doing and where i am if:
1) we are friends 2) we have plans to meet 3) we are involved in a gps based web3 game
Otherwise 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.
