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Business News/ Markets / Cryptocurrency/  'Not on the run..': Terra crypto founder Do Kwon says on jurisdictions
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'Not on the run..': Terra crypto founder Do Kwon says on jurisdictions

Kwon is currently wanted by his home country over the crash of Terra sisters USD and old Luna that eroded a whopping $40 billion of investors' wealth in mid-May.

Kwon denied the rumours of being on the run and instead said his company is in the process of defending itself over jurisdictions. (REUTERS)Premium
Kwon denied the rumours of being on the run and instead said his company is in the process of defending itself over jurisdictions. (REUTERS)

South Korean cryptocurrency developer Do Kwon on Sunday said he is not on the run for any government agency. Kwon is currently wanted by his home country over the crash of Terra sisters USD and old Luna that eroded a whopping $40 billion of investors' wealth in mid-May. Since the collapse of old Terra tokens, Kwon faced multiple lawsuits from investors in many major countries. Kwon denied the rumours of being on the run and instead said his company is in the process of defending itself over jurisdictions.

Through his Twitter account, Do Kwon said, "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."

However, Kwon did not reveal any details of his whereabouts.

On Wednesday, a South Korean court issued an arrest warrant for the CEO of Singapore-based Terraform Labs.

Kwon said, "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."

On Saturday, the Singapore Police Force (SPF) in an email response to an AFP query said, Kwon, is currently not in Singapore. In a brief statement, SPF said they will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations.

Earlier, Singapore's Straits Times newspaper mentioned that Kwon apparently applied to renew his Employment Pass (EP), which expires on Dec 7, but this may be in jeopardy as South Korean authorities have moved to invalidate his passport in a bid to force him to return.

On CoinMarketCap, at the time of writing, Terra Classic Lunc is trading at $0.0002968 down by 5.79%. Meanwhile, Luna is performing at $2.89 lower by 6.5%. In the last seven days, Lunc has plunged by over 32% and Luna has nosedived by nearly 52%. The tokens erased their previous gains which led Lunc to become the 29th largest cryptocurrency, and Luna at 58th rank. However, due to a steep selloff currently, Lunc is now at 32nd rank and Luna slipped to 92nd rank in the top 100 cryptocurrencies list.

Post the flash crash of Terra USD and old Luna, in May this year, Terraform Labs co-founder Do Kwon launched Terra 2.0, under which, the original Terra chain has been rebranded as Terra Classic. While a new chain called Luna was created with the existing name Terra and made available for trading.

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Published: 18 Sep 2022, 06:04 PM IST
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