Terra Co-founder Do Kwon says he’s not “on the run.”
Do Kwon, the co-founder of the Terra ecosystem and co-founder of the Terra ecosystem, took to Twitter on Saturday to say the fact that he’s “not ‘on the run’ or anything similar” following his arrest by the Singapore Police Force (SPF) declared that Kwon was not in the state of city.
On September. 14th, South Korean authorities issued an arrest warrant for Kwon and five others for alleged infractions to the nation’s capital market laws. The suspects were all in Singapore in the moment, with the prosecutors also trying to cancel their passports the following day on Sept. 15.
“For any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide,” Kwon tweeted.
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Kwon did not disclose the location of his residence, stating that the crypto Twitter does not have “no business knowing my GPS coordinates.” He also said they defend their rights in “multiple jurisdictions” and are looking forward to “clarifying the truth over the next few months.”
Singapore has no extradition agreement in place with South Korea, but the SPF declared that it will aid Korean officials within the framework of its laws domestically and international obligations , but did not give further information.
In May in May, the Terra community that Kwon co-founded may have had the most significant crash in cryptocurrency history following the stabilization algorithm was discovered. TerraUSD Classic (USTC), at first TerraUSD (UST) lost its US dollar peg to reach a minimum at $0.006 in June.
The sister asset, which is now called Terra Luna Classic (LUNC) suffered the same fate, reaching the record-breaking low $0.0000009 in May after hitting its record-breaking high of $119 in the month before. The twin crashes created panic among traders, which led to selling pressure, leading to an more widespread decline in the market for digital assets.
In the past, South Korean prosecutors prohibited Terra personnel from leaving South Korea in June, to avoid any possibility that they flee in order to stay out of the investigation. Do Kwon was already residing in Singapore at the time of the ban.
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The month of July was when South Korean authorities searched 15 companies including seven cryptocurrency exchanges that were linked to the demise of Terra reportedly getting access to data that pertain to USTC in addition to LUNC transactions.
