Terra co-founder Do Kwon says he’s ‘making zero effort to hide’ following Interpol notice
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Terra co-founder Do Kwon, who is wanted by South Korean authorities and whose whereabouts are currently unknown, has suggested he will not change his routine in response to potential legal action.
In a Monday tweet, Kwon said Members of Crypto Twitter had probably seen him walking down the street or in malls – without mentioning the city or country – “in the last couple of weeks”, although Interpol had reportedly issued a Red Notice to Terra’s founder. Kwon told his more than one million followers in response that he had not seen his name on Interpol’s list of people to be “located and provisionally detained […] pending extradition, extradition or similar legal action,” but not all names are published.
“I write code in my living room” said Kwon. “I make no effort to hide.”
Active on social media while facing arrest and prosecution in South Korea, Kwon indicated his location as Singapore on his Twitter account at the time of publication, but a Sept. 17 report by Reuters suggested he may no longer be in the country. The co-founder of Terra is a citizen of South Korea. Dual citizenship is generally not allowed in South Korea with certain exceptions, but it is unclear whether Kwon holds a passport from more than one country.
Kwon became a prominent figure in crypto for his involvement in Terraforms Labs, and became a person of interest to South Korean authorities when Terra’s algorithmic stablecoin TerraUSD Classic (USTC) — originally TerraUSD (UST) — decoupled from the US dollar and fell to near zero. a week. The price of Terra (LUNA) – now Terra Classic (LUNC) – also plummeted on several platforms, including Celsius, due to reported liquidity issues.
Kwon, Terra and certain company employees were under investigation by South Korean financial authorities. They reportedly raided the offices of crypto exchanges Gopax, Coinone, Upbit, Bithumb and Korbit in July. A South Korean court later issued an arrest warrant for Kwon and five individuals linked to Terra for suspected violations of capital market laws.
On September 17, Kwon posted that he was not “on the run” or anything like that, while the Singapore Police Force (SPF) said Kwon was not in the city-state. South Korea has no extradition treaty with Singapore, and an Interpol Red Notice can ask local law enforcement to detain Kwon only if he is found.
Related: Binance will burn all LUNC trading fees based on community feedback
Amid the controversy over Kwon’s location and potential arrest, Indonesian financial authorities have reportedly sought to change existing policies to prevent similar situations among the country’s crypto-company executives. Cointelegraph reported on September 21 that the Commodity Futures Trading Regulatory Authority Acting Director Didid Noordiatmoko said the proposed changes, which would ensure two-thirds of crypto companies’ directors and commissioners would be Indonesian citizens, would help executives “flee the country if problems arise.”