Not long ago, Live Bitcoin News reported that in the nation of South Korea, an arrest warrant had been issued for Do Kwon, the crypto executive behind the failed algorithmic stable coin Terra Luna. It appears Kwon has taken issue with the idea that he’s a wanted man, and he’s answering his pursuers without officially revealing where he’s stationed.
Do Kwon Says He’s Not Running
Terra Luna was something of a disaster that occurred over the summer of this year. As an algorithmic stable currency, the asset was not tied to any direct fiat currency or physical collateral to give it its value. Instead, the only thing officially backing it up was the belief that people seemed to have in it. Apparently, this wasn’t enough as the asset quickly collapsed and fell into disarray. Even a second version of the coin that immediately emerged later wasn’t enough to save the issuing firm or its respective reputation.
The government of South Korea – where Terra Labs (the currency’s creator) is stationed – issued an arrest warrant for Do Kwon, the man tasked with building the asset and the party who is ultimately deemed responsible for its issuance. While Kwon has ultimately failed to reveal himself to authorities, he has taken to Twitter to explain that he hasn’t gone anywhere and that he’s not on the run, and that he and his company are ready and available to speak to anyone about what occurred.
On social media, Kwon issued the following statement:
I am not ‘on the run’ or anything similar. For any agency that has shown interest to communicate, we are in full cooperation, and we don’t have anything to hide. We are in the process of defending ourselves in multiple jurisdictions… and look forward to clarifying the truth over the next few months.
Law enforcement in South Korea believes the fall of Terra Luna may have been purposely instigated. If that’s the case, it would likely be the largest rug pull in crypto history given that billions in portfolio values were lost overnight amongst investors all over the world.
Up to this point, it was widely believed that Kwon was stationed in Singapore, though law agents say this is no longer the case. Recently, the Singapore police force issued a statement saying Kwon was not in their jurisdiction. The statement read as follows:
Do Kwon is currently not in Singapore. SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations.
So Many Losses
South Korean prosecutors have also issued five additional arrest warrants for individuals they claim were involved in the digital currency’s establishment.
Crypto has been on something of a wild ride this year, with assets like bitcoin losing more than 70 percent of their value.
Source: https://www.livebitcoinnews.com/crypto-exec-do-kwon-says-hes-willing-to-cooperate-following-arrest-warrant/