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

Earlier this week, South Korean prosecutors issued an arrest warrant for Do Kwon, the disgraced co-founder of the Terra ecosystem that spectacularly crashed in May; they also asked the Ministry of Finance to cancel his passport. Authorities looking for Kwon thought he was in Singaporebut on Saturday Singapore police said Kwon was not there.

Now, Do Kwon has chimed in on Twitter.

On Saturday afternoon, Kwon tweeted, “I’m not ‘on the run’ or anything like that – to any government agency that has expressed an interest in communicating, we are fully cooperating and have nothing 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 we look forward to clarifying the truth over the coming months.”

Kwon started the same tweet thread by telling Crypto Twitter, “you don’t need to know anything about my GPS coordinates.”

Kwon is accused of breaking capital markets rules in South Korea and also faces legal challenges in multiple jurisdictions.

The collapse of the Terra ecosystem (both LUNA and UST algorithmic stablecoin) sparked a crypto sell-off, driving Bitcoin and other major cryptocurrencies lower. Four months later, the market remains stuck in a cold crypto winter.

Terra’s collapse also caused the high-profile collapses of crypto lenders Celsius and Traveleras well as hedge funds Capital of the Three Arrows, and brought even more control over crypto investments and stablecoins from regulators; the SEC is would have investigated whether Kwon’s Terraform Labs violated federal investor protection rules with the way it marketed UST.

Stay up to date with crypto news, get daily updates in your inbox.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top