Do Kwon, one of the co-founders of the Terra ecosystem, tweeted on Saturday that he is "not 'on the run' or anything similar," despite the Singapore Police Force's (SPF) claim that Kwon was not present in the city-state.
For alleged violations of the nation's capital markets rules, South Korean authorities filed an arrest order for Kwon and five other colleagues on September 14. At the time, all were known to be in Singapore, and on September 14, prosecutors also tried to have their passports revoked.
Kwon tweeted, "For any government agency that has expressed interest in communicating, we are in full collaboration and we have nothing to hide."
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— Do Kwon 🌕 (@stablekwon) September 17, 2022
Kwon did not reveal where he was, saying crypto Twitter has “no business knowing my GPS coordinates.” He added they are defending themselves in “multiple jurisdictions” and look forward to “clarifying the truth over the next few months.”
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
Although Singapore and South Korea do not have an extradition treaty, the SPF stated that it will cooperate with Korean officials in accordance with domestic laws and international commitments but did not offer any other information.
The Terra ecosystem, which Kwon co-founded, had possibly the largest cryptocurrency fall in May when TerraUSD Classic (USTC), an algorithmic stablecoin that was previously TerraUSD (UST), lost its link to the US dollar and fell to a low of $0.006 in June.
Similar events occurred to its sibling asset, now known as Terra Luna Classic (LUNC), which saw an all-time low of $0.0000009 in May after reaching an all-time high of more than $119 the previous month. Trading panic ensued after the twin crashes, and the wider collapse of the market for digital assets was prompted by selling pressure.
Do Kwon was already living in Singapore at the time when South Korean prosecutors forbade Terra personnel from leaving the country in June to prevent them from possibly escaping to dodge an investigation.
South Korean officials apparently obtained information about USTC and LUNC transaction data during a raid on 15 businesses in July, including seven cryptocurrency exchanges linked to Terra's demise.