Terra Founder Do Kwon Says He's Not 'On The Run,' Singapore Police Say He's Gone

Zinger Key Points
  • South Korean prosecutor's office has requested the Singapore Foreign Ministry to have Kwon's passport revoked.
  • A lawsuit has been filed in U.S. District Court against Kwon and his company.
Terra Founder Do Kwon Says He's Not 'On The Run,' Singapore Police Say He's Gone

The founder of the collapsed crypto Terra LUNA/USD and terraUSD, Do Kwon on Sunday denied that he was on the run after the Singapore police said he was no longer in the country. 

Last week, South Korean authorities issued an arrest warrant for Kwon and five others following the collapse of his blockchain platform Terraform Labs. 

Singapore police said they would assist the South Korean police within the scope of its domestic legislation and international obligations.

Responding to the allegations, Kwon has tweeted saying he doesn't have anything to hide and is in "full cooperation" with government agencies. 

He also mentioned that Terra company officials are in the process of defending themselves in multiple jurisdictions.

Also Read: Terra's Do Kwon 'Heartbroken' Over UST Collapse, Doge's Billy Markus Tells Him To Leave The Industry

According to the Singapore police, the South Korean prosecutor's office has requested the Singapore Foreign Ministry to have Kwon's passport revoked. If the ministry approves that, Kwon must return to Seoul within 14 days.

Kwon is the primary developer of the two cryptocurrencies whose spectacular collapse roiled crypto markets worldwide.

The arrest order came amid public outrage in South Korea over the collapse. According to blockchain analytics firm Elliptic, investors in the two coins lost an estimated $42 billion globally. 

In June, TerraForm Labs (TFL) employees said that $80 million of company funds were sent to "secret wallets" every month before the LUNA collapse, and Kwon was responsible for that decision. 

lawsuit has been filed in U.S. District Court, Northern District of California, by Scott+Scott Attorneys at Law against Kwon and his company Terraform Labs saying that his team misrepresented Terra's stability to win the trust of crypto investors. 

Photo Courtesy: Terraform Labs

 

Posted In: Do KwonLunaSingaporeSouth KoreaTerraUSTCryptocurrencyNewsTop StoriesMarkets

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