News

Do Kwon Says He Is Not ‘On The Run’ But Korean Prosecutors Say ‘Yes’

Prosecutors in South Korea have requested that Interpol issue a red notice against Do Kwon, the co-founder of the defunct cryptocurrency operator Terraform Labs, on the grounds that he is refusing to cooperate with an investigation into the $40 billion implosion of the TerraUSD and LUNA tokens.
Do Kwon Says He Is Not 'On The Run' But Korean Prosecutors Say 'Yes' 3

Prosecutors suspect Kwon traveled to Singapore in April, a month before the Terra coin collapse, and may have been on the run at the time, according to a Yonhap story published on Sunday. Terraform Labs, the firm behind TerraUSD and LUNA, was founded by Do Kwon and Daniel Shin. Yonhap quoted a prosecutor as saying:

“Issuing an arrest warrant was possible because there were clear indications that Kwon was on the run.”

There was a lot of talk over the weekend about Terra founder Do Kwon trying to elude prosecutors. He rushed to Twitter, however, to explain that he was not on the run and that he had shown interest in communicating with federal authorities. He also stated that he and his staff were completely cooperative because they had nothing to conceal.

Kwon’s current whereabouts are unknown. Kwon is not in Singapore, according to sources citing a statement from Singapore police.

Prosecutors are requesting that Do Kwon’s passport be withdrawn by the Korean Foreign Ministry. If this occurs, Kwon is required by policy to return to Korea within two weeks.

Do Kwon Says He Is Not 'On The Run' But Korean Prosecutors Say 'Yes' 4

Kwon applied for an EntrePass, which permits qualifying foreign entrepreneurs to launch and manage a venture-backed or creative technology-based firm in Singapore. However, Kwon was denied based on Ministry of Manpower data.

In truth, South Korean prosecutors stated that Do Kwon was “clearly on the run” and was not participating in the investigation in response to Kwon’s “I am not ‘on the run’ or anything like” tweet.

Prosecutors claim he dismantled Terraform Labs’ South Korean operation and fled to Singapore at the end of April.

A spokesperson for the office said:

“We are doing our best to locate and arrest him. He is clearly on the run as his company’s key finance people also left for the same country during that time.”

Kwon is not currently in Singapore, according to Singapore police, but they will support the South Korean inquiry.

South Korean prosecutors have accused Kwon of financial fraud and are investigating him and his firm, following the filing of two complaints on behalf of 81 investors alleging that the company defrauded them.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

27 mins ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

3 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

5 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

6 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

9 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

12 hours ago

This website uses cookies.