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Business

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 finance ministry to cancel his passport. Authorities searching for Kwon thought he was in Singapore, but on Saturday Singapore police said Kwon is not there.

Now Do Kwon has taken a look at Twitter.

On Saturday afternoon, Kwon tweeted: “I am not ̵[ads1]6;on the run’ or anything like that – to any government agency that has shown interest in communicating, we are in full cooperation and we have nothing to hide. We are in the process of defending ourselves even 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.”

Kwon started the same tweet thread by telling Crypto Twitter: “you have no business knowing my gps coordinates.”

Kwon is charged with violating capital market rules in South Korea, and also faces legal challenges in several jurisdictions.

The collapse of the Terra ecosystem (both LUNA and algorithmic stablecoin UST) triggered a massive crypto selloff, sending Bitcoin and other top cryptocurrencies lower. Four months later, the market remains mired in a chilly crypto winter.

Terra’s collapse also led to the high-profile meltdowns of crypto lenders Celsius and Voyager, as well as hedge fund Three Arrows Capital, and has led to even more scrutiny of crypto investments and stablecoins from regulators; The SEC is reportedly investigating whether Kwon’s Terraform Labs violated federal investor protection rules with the way it marketed UST.

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