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Do Kwon, the co-founder of the Terra ecosystem, confirmed on Twitter on Saturday that he would not flee or do something similar after the Singapore Police Force (SPF) announced Kwon was not in the city.
“For any government agency that requires an exchange, we are fully cooperative and we have nothing to hide,”
On September 14, South Korean authorities issued arrest warrants for Kwon and 5 other associates for allegedly violating the country’s capital market laws. All were known to be in Singapore at the time, with prosecutors also trying to revoke their passports a day later on September 15.
Really don’t understand why otherwise would be true – think about whether you would be comfortable with the same level of invasion of privacy for yourself
— Do Kwon 🌕 (@stablekwon) September 17, 2022
Kwon did not disclose his current location, saying that the cryptocurrency Twitter “doesn’t know my GPS coordinates”. He also said he was defending himself in “multiple jurisdictions” and looked forward to “unraveling the truth in the next few months.”
I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide
— Do Kwon 🌕 (@stablekwon) September 17, 2022
Singapore has no extradition treaty with South Korea, but the SPF said it would assist South Korean authorities within the scope of domestic law and international obligations, adding that it did not provide any further details.
In May, the Terra ecosystem co-founded by Kwon reportedly experienced the biggest crash in cryptocurrency history after stablecoin TerraUSD Classic (USTC), originally TerraUSD (UST), lost its peg and fell as low as $0.006 in June.
Terra Luna Classic (LUNC) was in a similar situation with an all-time low of $0.00000009 in May after hitting an all-time high of over $119 a month earlier. The double collapse caused panic among traders, and semiconductor pressure leading to a broader collapse in the digital asset market.
Earlier, in June, South Korean prosecutors banned Terra employees from leaving the country to prevent them from fleeing to avoid investigation, Do Kwon was residing in Singapore at the time.
In July, South Korean authorities investigated 15 companies including 7 cryptocurrency exchanges involved in terra’s collapse, and have requested access to data related to USTC and LUNC transactions.
