Terra Founder Do Kwon No Longer in Singapore but Claims He's Not a 'Fugitive'
Do Kwon, founder of the collapsed Luna and TerraUSD tokens, said he was not a "fugitive" hours after Singapore police said he was no longer in the country. Kwon, along with five others, faces arrest in South Korea.
The Seoul prosecutor's office said on September 14 that Kwon and others accused of violating the capital market law were in Singapore. Following the announcement by local police on Saturday, Kwon tweeted that he had nothing to hide and was in "full cooperation" with government agencies.
"For any government agency that has shown interest in contacting us, we are cooperating fully and have nothing to hide," Kwon said, without giving details of his whereabouts. "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 in the next few months."
According to Yonhap News Agency, Korean prosecutors denied these comments on Sunday, claiming that Do Kwon was "clearly on the run." The report said Kwon had made plans to flee the country before the collapse of the Luna token in May. Yonhap, citing unidentified people, reported that prosecutors said Kwon had not cooperated with investigations and told investigators through a lawyer that he had no intention of appearing for questioning.
The South Korean prosecutor's office is also seeking permission from the country's foreign ministry to revoke Kwon's passport. If that happens, Kwon would have to return to Seoul within 14 days, according to policy.
Singapore police told Bloomberg that they will assist the Korean National Police "within the framework of our domestic legislation and international obligations." Kwon has a Singapore work permit that expires on December 7, the Straits Times reported on Saturday. Kwon's application to renew his passport or obtain a new one is pending approval, the newspaper reported.
Kwon also applied for and was rejected for EntrePass, which allows eligible foreign entrepreneurs to start and operate businesses in Singapore, the Straits Times reported, citing Ministry of Manpower records.
Kwon found himself at the center of one of crypto's biggest booms when TerraUSD, also known as UST, broke away from the dollar peg and collapsed the ecosystem he had built. The $60 billion wipeout also saw the explosion of a related token known as Luna. The collapse in May shook faith in the digital asset sector, which has yet to recoup most of the losses.
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