Earlier this week, South Korean prosecutors issued an arrest warrant for Do Kwon, the disgraced co-founder of the Terra ecosystem, which crashed spectacularly in May; they also requested that the finance ministry revoke his passport.
The Terra ecosystem co-founder has given some insight on the current situation from his perspective
Authorities believed Kwon was in Singapore looking for him, but Singapore police said on Saturday that he was not there.
Kwon tweeted on Saturday afternoon, “I am not ‘on the run or anything similar – for any government agency interested in communicating, we are fully cooperating and have nothing to hide.
We are defending ourselves in multiple jurisdictions; we have held ourselves to an extremely high standard of integrity, and we look forward to clarifying the truth in the coming months.”
Kwon started the same thread of tweets by saying, “you have no business knowing my GPS coordinates.”
Kwon has been charged in South Korea with violating capital market rules and is facing legal challenges in multiple jurisdictions.
The Terra ecosystem’s demise (both LUNA and the algorithmic stablecoin UST) triggered a massive crypto selloff, sending Bitcoin and other top cryptocurrencies lower. As a result, the market is mired in a cold crypto winter four months later.
Terra’s demise prompted the high-profile failures of crypto lenders Celsius and Voyager and hedge fund Three Arrows Capital and has produced even more regulatory scrutiny of crypto investing and stablecoins. In addition, the SEC is investigating whether Kwon’s Terraform Labs violated federal investor protection rules in how it marketed UST.