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Terra Co-Founder Do Kwon: I Am Not ‘On the Run’

Terra Co-Founder Do Kwon: I Am Not ‘On the Run’

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Earlier this week, South Korean prosecutors issued an arrest warrant for Do Kwon, the disgraced founder of the Terra ecosystem that apparently collapsed in May; they also asked the Ministry of Finance to cancel his passport. Authorities searching for Kwon believed he was in Singapore, but on Saturday Singapore police said Kwon is not there.

Now Do Kwon has announced on Twitter.

On Saturday afternoon, Kwon tweeted: “I’m not on the run or anything like that – with any government agency that has shown interest in communicating, we are in full cooperation and have nothing to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to a very high bar of integrity and we look forward to clarifying the truth in the coming months.”

Kwon started the same tweet thread by telling Crypto Twitter: “you don’t care to know the gps coordinates.”

Kwon is accused of violating capital market rules in South Korea and also faces legal challenges in several jurisdictions.

The collapse of the Terra ecosystem (both LUNA and the algorithmic stablecoin UST) triggered a massive crypto sell-off, sending Bitcoin and other top cryptocurrencies down. Four months later, the market is stuck in a cold crypto winter.

Terra’s collapse also prompted the high-profile collapses of crypto lenders Celsius and Voyager and hedge fund Three Arrows Capital, and has brought increased scrutiny of crypto investing and stablecoins from regulators; The SEC is reportedly investigating whether Kwon’s Terraform Labs violated federal investor protection rules in the way it marketed UST.

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