Terra founder Do Kwon says he's not 'running'

bloomberg — Do Kwon, the founder of the collapsed Luna and TerraUSD tokens, said he was not “on the run,” hours after Singapore police said he was no longer in the country. Kwon, along with five others, faces arrest in South Korea.

As recently as Sept. 14, prosecutors in Seoul said he and others accused of capital market law violations were in Singapore. After local police issued a statement on Saturday, Kwon tweeted that he had nothing to hide and was in “full cooperation” with government agencies.

“For any government agency that has expressed an interest in communicating, we are in full cooperation 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 over the next few months.”

Korean prosecutors denied his comments on Sunday and said Do Kwon was “apparently on the run,” according to Yonhap news agency. He had plans to flee the country before the Luna token collapse in May, the report said. Prosecutors said Kwon was not cooperating with investigations, and he told investigators through a lawyer that he had no intention of appearing before them for questioning, Yonhap said, citing people it did not identify.

South Korean prosecutors are also seeking permission from the country’s foreign ministry to cancel Kwon’s passport. If that happens, Kwon will have to return to Seoul within 14 days, according to the policy.

Singapore police told Bloomberg it would assist the Korea National Police Agency “within our domestic law and international obligations.” Kwon has a Singapore work pass due to expire on Dec 7, the Straits Times reported on Saturday. An application for renewal or application for a new pass is awaiting approval, the newspaper said.

Kwon also applied for EntrePass – which aims to allow eligible foreign entrepreneurs to start and operate businesses in Singapore – and was rejected, the Straits Times said, citing Ministry of Manpower records.

Kwon found himself at the center of one of the biggest cryptocurrency crashes when TerraUSD, also known as UST, broke from its dollar peg and collapsed the ecosystem he had built. The $60 billion wipeout also led to the implosion of a related token known as Luna. The crash in May shook faith in the digital asset sector, which has yet to recover much of its losses.

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