Following the sudden crash of the terra ecosystem in May 2022, South Korean prosecutors have issued an arrest warrant for Do Kwon. The prosecutors also requested that his passport be revoked by the country’s finance ministry.
Although there was speculation that Kwon was in Singapore, the authorities in Singapore refuted this claim on Saturday.
Kwon is charged with the crime of violating capital market rules, and he is also facing legal challenges in regions.
The Terra ecosystem’s mishap triggered a massive crypto shake, with massive panic sells.
The episode was also responsible for sending Bitcoin and other top cryptocurrencies on a down trend.
It has been a long Four months for those looking for answers, the market is still mired by so much uncertainty.
In his defence, Kwon said that
“I am not ‘on the run’ or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide. 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 over the next few months.”
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 over the next few months
— Do Kwon 🌕 (@stablekwon) September 17, 2022
he also added that;
“Dear CT – I will tell you what i am doing and where i am if:
1) we are friends
2) we have plans to meet
3) we are involved in a gps based web3 game
Otherwise you have no business knowing my gps coordinates
Really don’t understand why otherwise would be true – think about whether you would be comfortable with the same level of invasion of privacy for yourself”
Really don’t understand why otherwise would be true – think about whether you would be comfortable with the same level of invasion of privacy for yourself
— Do Kwon 🌕 (@stablekwon) September 17, 2022
it is believed that, Terra’s sudden collapse did prompt the high-profile failures of crypto lenders “Celsius and Voyager”, as well as hedge fund Three Arrows Capital has increased regulatory scrutiny on crypto investing and stablecoins;
Early on it was reported that ; the SEC is currently investigating whether Kwon’s Terraform Labs violated federal investor protection rules in the way it marketed UST.
