Terra's Do Kwon Claims He's Not on the Run From South Korean Law Enforcement

Terra's Do Kwon is charged with violating capital markets rules in South Korea.

Written by Shomik Sen Bhattacharjee, Edited by Richa Sharma | Updated: 19 September 2022 17:42 IST

Terra's Do Kwon Claims He's Not on the Run From South Korean Law Enforcement

Photo Credit: Unsplash/ Mariia Shalabaieva

Terraform Labs founder Do Kwon tweeted that he is not running from authorities

Highlights

Kwon is currently wanted by South Korean authorities
South Korean authorities have sought to limit Kwon's capacity to travel
Terra's collapse prompted the high-profile meltdowns of crypto lenders

An arrest warrant for Do Kwon, the co-founder of the tainted Terra ecosystem that crashed in May, has been issued by the South Korean prosecutors, who also asked the country's finance ministry to void his passport last week in a bid to limit his movement across national borders. The authorities looking for Kwon believed he was in Singapore, but on Saturday, Singapore police clarified that Kwon is not their country. Kwon, meanwhile, took to Twitter on the same day to assert that he is not trying to evade any relevant authorities.

"I am not 'on the run' or anything similar — [from] any government agency that has shown interest to communicate, we are in full cooperation and we don't have anything to hide," Do Kwon said in a tweet thread, responding to reports that Singaporean police officials have said the South Korea-native is not currently in the city-state nation.

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

Kwon, who is currently wanted by South Korean authorities, according to Reuters, went on to say he would disclose his location to individuals 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."

Really don't understand why otherwise would be true - think about whether you would be comfortable with the same level of invasion of privacy for yourself
— Do Kwon 🌕 (@stablekwon) September 17, 2022

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

The collapse of the Terra ecosystem — both algorithmic stablecoin UST and sister token LUNA — triggered a massive crypto sell-off, sending Bitcoin and other top cryptocurrencies lower. Four months later, the market remains stuck in the midst of the crypto winter.

Terra's collapse also prompted the high-profile meltdowns of crypto lenders Celsius and Voyager, as well as hedge fund Three Arrows Capital, and has brought even more scrutiny on crypto investing and stablecoins from regulators.

With the next Apple event due very soon, we dive into all the leaks and rumours surrounding iPhone 14 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.