Issued on: 18/09/2022 – 04:12
Singapore (AFP) – Do Kwon, the wished South Korean founding father of the failed cryptocurrency Terra, denied Sunday he was on the run after the Singapore police mentioned he was not within the city-state as had been believed.
Kwon’s whereabouts have been thrown into query after the Singapore Police Force (SPF) assertion late Saturday, and his tweets didn’t reveal the place he was.
The collapse of Terraform Labs earlier this 12 months worn out about $40 billion of buyers’ cash.
A South Korean courtroom on Wednesday issued an arrest warrant for Kwon.
Early Sunday he mentioned on Twitter: “I am ‘not on the run’ or anything similar”, however didn’t reveal the place he was.
“For any agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide,” he added.
“We are in the process of defending ourselves in multiple jurisdictions… and look forward to clarifying the truth over the next few months.”
The 31-year-old was earlier believed to be in Singapore, the place final month he gave his first media interview because the crypto operator folded in May.
Late Saturday, the SPF mentioned in an e-mail response to an AFP question that “Do Kwon is currently not in Singapore”.
“SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations,” mentioned the transient assertion, which gave no additional particulars.
Singapore’s Straits Times newspaper has reported that Kwon’s work allow within the city-state was because of expire on December 7, however his software for a renewal may very well be in danger now.
South Korean prosecutors have additionally issued arrest warrants for 5 different folks — who weren’t named — linked to stablecoin TerraUSD and its sister token Luna.
Kwon’s Terra/Luna system disintegrated in May, with the worth of each tokens plummeting to close zero, and the fallout hitting the broader crypto market. Its collapse sparked greater than $500 billion in losses.
Stablecoins are designed to have a comparatively secure value and are often pegged to a real-world commodity or forex.
TerraUSD, nonetheless, was algorithmic — utilizing code to take care of its value at round one US greenback.
Many buyers misplaced their life financial savings when Luna and Terra entered a demise spiral, and South Korean authorities have opened a number of felony probes into the crash.
© 2022 AFP