South Korean cryptocurrency developer Do Kwon said on Sunday that he is not running for any government agency. Kwon is currently wanted by his home country over the crash of Terra sisters USD and older Luna, which destroyed $40 billion in investors’ wealth in mid-May. Since the collapse of the old Terra Token, Kwon has faced several lawsuits from investors in several major countries. Kwon denied rumors of an escape and instead said that his company is in the process of defending itself in the jurisdiction.
Through him Twitter account, Do Kwon said, “I am not “running away” or anything like that – to any government agency that has shown interest in communicating, we are in full cooperation and we have nothing to hide “
However, Kwon did not provide any information about his whereabouts.
A South Korean court on Wednesday issued an arrest warrant against the CEO of Singapore-based Terraform Labs.
“We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to a very high standard of integrity, and look forward to clarifying the truth over the next few months,” Kwon said.
On Saturday, the Singapore Police Force (SPF) said Kwon, in response to an email from AFP, is not currently in Singapore. In a brief statement, the SPF said they would assist the Korean National Police Agency (KNPA) within the scope of our domestic law and international obligations.
Earlier, Singapore’s Straits Times newspaper noted that Kwon had apparently applied to renew his Employment Pass (EP), which expires on 7 December, but could be in jeopardy because South Korean authorities have moved to invalidate his passport to force him to return. ,
On CoinMarketCap, at the time of writing, Earth Classic Lunc is trading with a decline of 5.79% at $0.0002968. Meanwhile, Luna is performing with a decline of 6.5% at $2.89. In the past seven days, Lunch is down by over 32% and Luna is down about 52%. The coin erased its previous gains which led to Lunch becoming the 29th largest cryptocurrency, and Luna at the 58th rank. However, Lunc is now ranked 32nd and Luna has slipped to the 92nd position on the Top 100 Cryptocurrencies list due to the sharp sell-off currently.
After the flash crash of Terra USD and the old Luna, in May this year TerraForm Labs co-founder Do Kwon launched Terra 2.0, whereby, the original Terra series has been rebranded as Terra Classic. While a new series called Luna was created with the existing name Terra and made available for trade.
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