fbpx
Climate crisis and migration: Greta Thunberg supports International Organization for Migration (IOM) over ‘life and death’ issueRead more United Nations (UN) Convenes Lake Chad Countries, Amid Growing Regional CrisisRead more 11 Disruptive Startups Selected for Cohort 3 of the Africa Startup Initiative Program (ASIP) Accelerator Program powered by Startupbootcamp AfricaRead more Africa Data Centres breaks ground on new Sameer facility in NairobiRead more Coffee with a human face: A union that improves livelihoods for Ugandan farmersRead more Trends Predicted to drive the retail industry in 2023Read more Vantage Capital exits Pétro IvoireRead more Afrobarometer charts path for Round 10 surveysRead more Unified communication and collaboration trends for 2023 (By David Meintjes)Read more 2023 starts with BIG IMPACT on Bizcommunity!Read more

Wanted crypto founder Do Kwon says ‘not on the run’

show caption
The skyline of Singapore -- police said the wanted South Korean Do Kwon was "currently not in" the city-state./AFP
Print Friendly and PDF

Sep 19, 2022 - 03:36 AM

SINGAPORE, SINGAPORE — Do Kwon, the wanted South Korean founder of the failed cryptocurrency Terra, denied Sunday he was on the run after the Singapore police said he was not in the city-state as had been believed.

Kwon’s whereabouts have been thrown into question after the Singapore Police Force (SPF) statement late Saturday, and his tweets did not reveal where he was.

The collapse of Terraform Labs earlier this year wiped out about $40 billion of investors’ money.

A South Korean court on Wednesday issued an arrest warrant for Kwon.

Early Sunday he said on Twitter: “I am ‘not on the run’ or anything similar”, but did not reveal where 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, where last month he gave his first media interview since the crypto operator folded in May.

Late Saturday, the SPF said in an email response to an AFP query 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,” said the brief statement, which gave no further details.

Singapore’s Straits Times newspaper has reported that Kwon’s work permit in the city-state was due to expire on December 7, but his application for a renewal could be at risk now.

South Korean prosecutors have also issued arrest warrants for five other people — who were not named — linked to stablecoin TerraUSD and its sister token Luna.

Kwon’s Terra/Luna system disintegrated in May, with the price of both tokens plummeting to near zero, and the fallout hitting the wider crypto market. Its collapse sparked more than $500 billion in losses.

Stablecoins are designed to have a relatively stable price and are usually pegged to a real-world commodity or currency.

TerraUSD, however, was algorithmic — using code to maintain its price at around one US dollar.

Many investors lost their life savings when Luna and Terra entered a death spiral, and South Korean authorities have opened multiple criminal probes into the crash.

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.