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 Thursday.
“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.
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— Do Kwon (@stablekwon) September 17, 2022
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.”
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— Do Kwon (@stablekwon) September 17, 2022
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 United States dollar peg to hit a low of $0.006 in June.
Its sister asset, now known as 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.
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.