Co-founder of the beleaguered Terra ecosystem that crashed catastrophically in May, Do Kwon is the subject of an arrest order issued by South Korean prosecutors earlier this week. They have also requested that his passport be revoked. Kwon was not in Singapore, despite the fact that the search for him was based there, according to Singapore police on Saturday.
Kwon tweeted on Saturday afternoon that he is not on the run or anything of the such. He said that for any government agency that has expressed interest in speaking with him, he and his company are cooperating fully and they have nothing to conceal. They have held themselves to a very high standard of honesty and are currently trying their best to defend themselves in several different jurisdictions. They also look forward to finding out the truth over the upcoming several months.
Kwon said in the first tweet of the same thread that no one has the right to know or investigate his GPS coordinates. For Context, Terra’s co-founder is being sued in numerous places and is accused of breaking many capital markets regulations in South Korea.
The collapse of the Terra ecosystem following the depegging of its algorithmic stablecoin UST from the US dollar and ultimately its native crypto asset LUNA resulted in an instance triggering the massive selloff of cryptocurrencies, which drove down the price of Bitcoin and other leading cryptocurrencies. The collapse was so huge that the crypto market is still experiencing a frigid crypto winter four months later.
The high-profile collapses of Celsius, Voyager, and hedge fund Three Arrows Capital were also followed after the destruction caused by Terra network’s collapse, which has increased regulatory scrutiny of stablecoins and cryptocurrency investing. According to the report, The SEC is looking into whether Kwon’s Terraform Labs had indulged in violating federal investor protection laws when marketing UST.
Source: https://www.thecoinrepublic.com/2022/09/18/do-kwon-showed-up-to-the-world-confessing-hes-not-on-run/