Do Kwon, co-founder of Terra Ecosystem, tweeted on Saturday that he was “not ‘on the run’ or anything like that,” after the Singapore Police Force (SPF) said Kwon was not in the city-state.
On September 14, South Korean authorities issued arrest warrants for Kwon and five other associates for violating the country’s capital market rules. All are understood to have been in Singapore at the time, and prosecutors tried to cancel their passports a day later on September 15.
“We are in full cooperation with any government agency that wishes to communicate and have nothing to hide,” Kwon tweeted.
I am not “on the run” or anything like that – we are cooperating with all government agencies that are willing to communicate and have nothing to hide.
– Do Kwon (@stablekwon) September 17, 2022
While not revealing where Quinn is, the crypto Twitter account “has no business knowing my GPS coordinates.” He added that they are defending themselves in “multiple jurisdictions” and look forward to “getting the truth out over the next few months.”
We are in the process of defending ourselves in various jurisdictions – we hold ourselves to a very high standard and look forward to clarifying the truth in the next few months.
– Do Kwon (@stablekwon) September 17, 2022
Singapore does not have an extradition treaty with South Korea, but the SPF said it would assist Korean authorities within the scope of its domestic laws and international obligations, and gave no further details.
In May, the Terra ecosystem co-founded Kwon had the biggest crash in algorithmic history after its algorithmic stablecoin TerraUSD Classic (USTC) first lost its US dollar peg to hit a low of $0.006 in June.
Its sister asset, now known as Terra Luna Classic (LUNC), suffered a similar fate in May, hitting a high of over $119 with a low of $0.0000009. The twin falls caused panic among traders, with selling pressure causing widespread declines in the digital asset market.
Related: Tera’s Collapse Will Force a Migration of Blockchain Ecosystems
Previously, South Korean prosecutors barred Terra workers from leaving the country in June to stop the possibility of them fleeing to avoid investigation, as Do Kwon was living in Singapore at the time.
In July, it was reported that South Korean authorities were able to obtain information related to USTC and LUNC transactions of 15 firms, including seven crypto exchanges linked to the collapse of Terra.