Do Kwon vs Authorities: the timeline so far

Do Kwon is on the run and he may or may not own BTC.
What is certain is that billions are lost and no one know where Kwon is.

Terra and Luna crash

On May 9th, TerraUSD (pegged to USD) came crashing down to 9 cents from $1. On May 12th, LUNA came down to a few cents from $80. Investors reportedly lost $40 billion because of the crash; many people lost entire life savings.

Big investors like Three Arrows Capital (3AC), a hedge fund, took a big hit. Several firms filed for bankruptcy including Vault, Celsius, and Voyager Digital.

US and Korean investors field lawsuits against Do Kwon after the crash; authorities in South Korea accused Kwon of fraud and market manipulation. Yonhap, the South Korean media hub, reported that Kwon refused to appear before the District Prosecutor’s office for questioning.

South Korean authorities go after Kwon

An arrest warrant was issued against Kwon and 5 others for Violating the Capital Markets Act on September 14th by South Korean enforcement agencies. Kwon had given an interview after the crash in Singapore; However, the Singapore Police Force (SPF) revealed that Kwon was not in Singapore.

After SPF’s revelation, it was widely speculated that Kwon was on the run. Interestingly, he tweeted that he was not on the run and was willing to cooperate with enforcement authorities. However, he never revealed his whereabouts.

On September 26th, South Korea revoked his passports and requested the Interpol to issue a red notice against him. A red notice prohibits the suspect/fugitive from going to other countries. He is believed to be in Taiwan presently. Given Taiwan’s political status, China is bound to be involved in such matters, which might explain why Do Kwon would hide there, if he’s hiding.

Do Kwon still may have BTC

Cryptoquant, a cryptocurrency analysis firm, tracked Do Kwon’s new wallet which was created to receive 3,313 BTC. South Korean authorities promptly requested the exchanges which received these coins – OKX and Kucoin – to freeze the same.

It is notable that before the authorities got Do Kwon’s BTC frozen by the exchanges, he had claimed that he ran out of BTC while trying to maintain the TerraUSD peg. Also, only Kucoin complied with South Korean authorities, and it’s believed that the coins in OKX – 1959 – have already been transferred to other wallets.