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HomeLaw & PoliticsTerra co-founder denies being on run, despite Singapore police claiming he is

Terra co-founder denies being on run, despite Singapore police claiming he is

Do Kwon, the founder of the Luna as well as TerraUSD tokens, has stated that he is not “on the run,” despite Singapore police stating that he is no longer in the country. Kwon and five others are being held in South Korea.


Recently, the prosecutor’s office in Seoul stated that he and the others accused of capital market law violations were all in Singapore. Following the release of a statement by local police on Saturday, Kwon tweeted that he has nothing to hide and is “fully cooperating” with government agencies.

Singapore police claims obviously on the run

According to Yonhap News Agency, Korean prosecutors refuted his comments on Sunday and claimed Do Kwon is “obviously on the run.” According to the report, he intended to flee the country before Luna Token’s demise in May. Prosecutors said Kwon is not cooperating with investigations, and he told investigators through an attorney that he had no intention of appearing before them for questioning, Yonhap reported, citing unidentified sources.

The South Korean prosecutor’s office is also requesting that Kwon’s passport be revoked from the country’s foreign ministry. If this occurs, Kwon is required by policy to return to Seoul within 14 days.

According to Bloomberg, Singapore police will assist the Korean National Police Agency “within the scope of our domestic legislation and international obligations.” Kwon has a Singapore employment pass that is set to expire on December 7, according to the Straits Times. According to the paper, an application to renew or apply for a new pass is pending for approval.

Kwon also applied for an EntrePass, which allows eligible foreign entrepreneurs to start and operate businesses in Singapore, but was turned down, according to the Straits Times, citing Ministry of Manpower records.

When TerraUSD, also known as UST, fell from its dollar peg and brought down the ecosystem he had built, Kwon found himself at the centre of one of crypto’s biggest blowups. The $60 billion annihilation also resulted in the demise of a related token known as Luna. The May crash shook investor confidence in the digital-asset sector, which has yet to recover much of its losses.

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