By
Chimamanda U. Martha
April 19th, 2024
Following reports that the Terra co-founder and his accomplices are on the run, Do Kwon has dismissed the rumors.
South Korean prosecutors issued an arrest warrant for Do Kwon, co-founder of Terra ecosystem. In addition, the finance ministry was asked to void his passport. When this is done, Do Kwon and five others would have to surrender to their location, which is reportedly Singapore and be brought back to South Korea.
“Among the six arrest warrants issued, applications for invalidation of passports have been received for five persons excluding foreigners. All of them have left for Singapore,” said an official at the ministry of finance.
Interestingly, Singapore Police have clarified that Do Kwon is not in the city-state. However, they have pledged their readiness to assist the South Korean police based on their domestic legislation and international obligations. Following reports that the Terra co-founder and his accomplices are on the run, Do Kwon has in a recent tweet dismissed the rumors.
“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,” he said.
The arrest order comes following the crash of his founded crypto projects Luna and TerraUSD, causing global investors to lose an estimated amount of $42 billion as claimed by blockchain analytics firm Elliptic. This caused a massive bloodbath in the entire crypto market with almost all popular assets falling by more than 85% from their all-time highs. Other popular crypto lending platforms including Celsius Network and Voyager Digital were forced to file for bankruptcy protection. Hedge fund Three Arrows Capital also had a meltdown.
In South Korea, he has been charged with violating the capital market rule. Also, he faces charges in different jurisdictions.
Do Kwon further disclosed that they are in the process of defending themselves in different regions.
“We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months,” he said.
In the same thread, he told crypto Twitter that he has no business in knowing his GPS.
“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,” he added.