Do Kwon, the founder of Terra, is no longer in Singapore. He claims he is not ‘on the run.’

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Last Updated on September 19, 2022 by Bitfinsider

Do Kwon, the founder of the defunct Luna and TerraUSD tokens, has stated that he is not “on the run,” despite Singapore police stating that he is no longer in the country. Kwon and five others are being held in South Korea.

As recently as September 14, the prosecutor’s office in Seoul stated that he and the others accused of capital market law violations were all in Singapore. Following the release of a statement by local police on Saturday, Kwon tweeted that he has nothing to hide and is “fully cooperating” with government agencies.

“We are fully cooperating with any government agency that has expressed an interest in communicating, and we have nothing to hide,” Kwon said, without elaborating on his whereabouts. “We are defending ourselves in multiple jurisdictions — we have held ourselves to an extremely high standard of integrity, and we look forward to clarifying the truth in the coming months.”

According to Yonhap News Agency, Korean prosecutors refuted his comments on Sunday and claimed Do Kwon is “obviously on the run.” According to the report, he intended to flee the country before the Luna token’s demise in May. Prosecutors said Kwon is not cooperating with investigations, and he told investigators through an attorney that he had no intention of appearing before them for questioning, Yonhap reported, citing unidentified sources.

The South Korean prosecutor’s office is also requesting that Kwon’s passport be revoked from the country’s foreign ministry. If this occurs, Kwon is required by policy to return to Seoul within 14 days.

Singapore police will assist the Korean National Police Agency “within the scope of our domestic legislation and international obligations.” Kwon has a Singapore employment pass that is set to expire on December 7, according to the Straits Times. According to the paper, an application to renew or apply for a new pass is pending approval.

Do Kwon also applied for an EntrePass, which allows eligible foreign entrepreneurs to start and operate businesses in Singapore, but was turned down, according to the Straits Times, citing Ministry of Manpower records.

When TerraUSD, also known as UST, fell from its dollar peg and brought down the ecosystem he had built, Do Kwon found himself at the center of one of crypto’s biggest blowups. The $60 billion annihilation also resulted in the demise of a related token known as Luna. The May crash shook investor confidence in the digital-asset sector, which has yet to recover much of its losses.


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