An arrest warrant has been issued by South Korean prosecutors for Do Kwon, the co-founder of the tainted Terra Ecosystem who crashed in May, who asked the country’s finance ministry to revoke his passport last week to limit his movement. across national borders. Officers looking for Kwon believed he was in Singapore, but on Saturday Singapore police clarified that Kwon was not his country. Meanwhile, Kwon said on Twitter the same day that he was not trying to avoid any concerned authorities.
“I’m not ‘on the run’ or anything like that – [from] Any government agency that has shown interest in communicating, we are in full cooperation and we have nothing to hide.” tweet threadResponding to reports that Singapore’s police officers have said the South Korean native is not currently in the city-state nation.
We are in the process of defending ourselves in several jurisdictions – we have held ourselves to a high standard of integrity, and look forward to clarifying the truth over the next few months.
— do kwon (@stablekwon) September 17, 2022
Kwon, who is currently wanted by South Korean authorities, according to ReutersSaid that he would disclose his location if they are friends, have plans to meet, or are involved in a GPS-based Web3 game, adding that “otherwise you have no business knowing my GPS coordinates.”
don’t really understand why otherwise would be true – think about whether you’d be comfortable with an invasion of the same level of privacy for yourself
— do kwon (@stablekwon) September 17, 2022
Kwon is accused of violating capital market regulations in South Korea, and also faces legal challenges in several jurisdictions.
The collapse of the Terra ecosystem – both the algorithmic stablecoin UST and sister token LUNA – triggered a massive crypto sell-off, undermining bitcoin and other top cryptocurrencies. Four months later, the market is still stuck in the middle of the crypto winter.
The collapse of Terra also prompted high-profile meltdowns from crypto lenders Celsius and Voyager, as well as hedge fund Three Arrows Capital, and has brought even more scrutiny on crypto investments and stablecoins from regulators.
