- According to Do Kwon, they are currently defending themselves in a number of jurisdictions.
- His tweets did not give any indication of his whereabouts.
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 demanded that his passport be cancelled. Kwon is believed to be in Singapore by officials looking for him. However, Singapore police confirmed on Saturday that he was not there.
I’m not a fugitive or anything similar – for any government agency that has expressed an interest in communication, we cooperate fully and have nothing to hide.
He also stated that they are currently defending themselves in several jurisdictions. We look forward to revealing the facts in the coming months. His tweets did not specify his whereabouts.
Legal problem in several jurisdictions
Kwon has been prosecuted in South Korea for violating capital market laws, and is also facing legal problems in several jurisdictions. The demise of the Terra ecosystem caused a massive selloff in cryptocurrencies, which led to the decline of Bitcoin and other leading cryptocurrencies. South Korean prosecutors have also issued arrest warrants for five other people linked to the TerraUSD and Luna stablecoin.
Terra’s demise led to a major collapse of crypto lenders Celsius and Voyager, as well as hedge fund Three Arrows Capital, and fueled regulatory interest in investing in crypto and stablecoins. According to certain sources, the Securities and Exchange Commission is looking into whether Kwon Terraform Labs violated federal investor protection guidelines when it sold the floor tanks.
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