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SINGAPORE: Do Kwon, the wanted south korean founder of failing cryptocurrency Terra, on Sunday (September 18) denied he was on the run after Singapore Police (SPF) said he was not in the city-state as believed.

SPF told CNA, “SPF will assist the Korean National Police Agency (KNPA) within the framework of our national law and our international obligations. Do Kwon is not currently in Singapore.”

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

A spokesperson for South Korean prosecutors said at the time that “an arrest warrant has been issued for a total of six people, including Do Kwon, who currently resides in Singapore.”

Kwon’s whereabouts came into question after the SPF statement, and his tweets did not reveal his whereabouts.

The collapse of Terraform Labs earlier this year wiped out an estimated US$40 billion of investor money.

Early on Sunday, he said on Twitter, “I’m ‘not on the run’ or anything like that,” but did not reveal his whereabouts.

“For any agency that has shown interest in communicating, we are in full cooperation and we have nothing to hide,” he added.

“We are defending ourselves in several jurisdictions…and we look forward to clarifying the truth in the coming months.”

The 31-year-old was previously thought to be in Singapore, where last month he gave his first media interview since the crypto operator shut down in May.

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

Kwon’s Terra/Luna system disintegrated in May, with the price of both tokens dropping to near zero and the fallout hitting the broader crypto market. Its collapse caused 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 a code to keep its price around one US dollar.

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



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