Terra Do Kwon Co-Founder Says He’s Not a “Fugitive”



Du Kwon, co-founder of the Terra ecosystem, took to Twitter on Saturday confirming he was “not a fugitive or anything similar” after Singapore Police (SPF) said Kwon was not in the city-state.

On September 14, the South Korean authorities He issued an arrest warrant for Kwon and five other partners for alleged violations of the country’s capital markets laws. It was known that all of them were in Singapore at the time, with prosecutors as well Attempting to withdraw their passports A day later on September 15.

“For any government agency that has expressed an interest in outreach, we are fully cooperating and have nothing to hide,” Kwon wrote on Twitter.

Kwon did not reveal his whereabouts, saying the encrypted Twitter “has nothing to do with knowing my GPS coordinates.” He added that they are defending themselves in “multiple jurisdictions” and are looking to “clarify the truth over the next few months”.

Singapore does not have an extradition treaty with South Korea, but the SPF stated that it would assist the Korean authorities within the scope of their domestic laws and international obligations and did not provide any further details.

In May, Terra co-founded Kwon ecosystem arguably suffered the biggest crash in crypto history after its algorithmic stablecoin TerraUSD Classic (USTC), originally TerraUSD (UST). Lost its currency peg to the US dollar to reach a low of $0.006 in June.

Its sister asset, now known as Terra Luna Classic (LUNC), faced a similar fate with an all-time low of $0.000009 in May after hitting an all-time high of more than $119 the previous month. Double crashes caused panic among traders, as selling pressures led to… A broader collapse in the digital asset market.

Related: Terra blockchain ecosystem collapse forces talent migration

Previously, the South Korean prosecutors Terra employees banned 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, the South Korean authorities 15 companies raided Including seven crypto exchanges linked to the Terra crash that are said to have gained access to data on USTC and LUNC transactions.