Do Kwon, the co-founder of the Terra ecosystem, took to Twitter on Saturday asserting he is “not ‘on the run’ or something related” after the Singapore Police Pressure (SPF) mentioned Kwon wasn’t within the city-state.

On Sept. 14, South Korean authorities issued an arrest warrant for Kwon and 5 different associates for alleged violations of the nation’s capital markets legal guidelines. All have been recognized to be in Singapore on the time, with prosecutors additionally making an attempt to revoke their passports a day in a while Sept. 15.

“For any authorities company that has proven curiosity to speak, we’re in full cooperation and we do not have something to cover,” Kwon tweeted.

I’m not “on the run” or something related – for any authorities company that has proven curiosity to speak, we’re in full cooperation and we do not have something to cover

— Do Kwon (@stablekwon) September 17, 2022

Kwon didn’t reveal the place he was, saying crypto Twitter has “no enterprise realizing my GPS coordinates.” He added they’re defending themselves in “a number of jurisdictions” and sit up for “clarifying the reality over the subsequent few months.”

We’re within the means of defending ourselves in a number of jurisdictions – we’ve got held ourselves to an especially excessive bar of integrity, and sit up for clarifying the reality over the subsequent few months

— Do Kwon (@stablekwon) September 17, 2022

Singapore doesn’t have an extradition treaty with South Korea, however the SPF acknowledged it’ll help Korean authorities throughout the scope of its home legal guidelines and worldwide obligations and did not present any additional particulars.

In Could, the Terra ecosystem Kwon co-founded arguably had the most important crash in cryptocurrency historical past after its algorithmic stablecoin TerraUSD Traditional (USTC), initially TerraUSD (UST) misplaced its US greenback peg to hit a low of $0.006 in June.

Its sister asset, now generally known as Terra Luna Traditional (LUNC) met an analogous destiny with an all-time low of $0.0000009 in Could after hitting its all-time excessive of over $119 the month prior. The dual collapses precipitated panic amongst merchants, with promoting stress resulting in a wider collapse within the digital asset market.

Associated: Collapse of Terra blockchain ecosystem forces expertise migration

Beforehand, South Korean prosecutors banned Terra workers from leaving the nation in June to cease the opportunity of them fleeing to keep away from investigation, Do Kwon was already residing in Singapore on the time.

In July, South Korean authorities raided 15 companies together with seven crypto exchanges linked to the collapse of Terra reportedly getting access to information associated to USTC and LUNC transactions.


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