- According to Do Kwon, they are currently defending themselves in a number of jurisdictions.
- His tweets gave no indication of where he was.
South Korean prosecutors filed an arrest warrant earlier this week for Do Kwon, the co-founder of the Terra ecosystem, which fell catastrophically in May. They also requested that his passport be revoked. Kwon was believed to be in Singapore by officials seeking for him. However, Singapore police confirmed on Saturday that he is not there.
Kwon tweeted:
I am not on the run or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide.
He also stated that they are currently defending themselves in numerous jurisdictions. and look forward to revealing the facts in the coming months. And his tweets did not identify where he was.
Legal Trouble in Several Jurisdictions
Kwon has been prosecuted in South Korea for breaking capital market laws, and he is also facing legal issues in numerous jurisdictions. The Terra ecosystem’s demise caused a large crypto selloff, sending Bitcoin and other leading cryptocurrencies down. Prosecutors in South Korea have also issued arrest orders for five other people associated with the stablecoin TerraUSD and Luna.
Terra’s demise prompted high-profile meltdowns of crypto lenders Celsius and Voyager, as well as hedge fund Three Arrows Capital, and has increased regulatory attention on crypto investment and stablecoins. According to certain sources, the SEC is looking into whether Kwon’s Terraform Labs violated federal investor protection guidelines when it sold UST.
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