Regulation
Do Kwon Not On the Run Says Terraform Labs
The recent case and investigation against Terra founder Do Kwon have taken several turns. While Interpol is on the lookout for Kwon’s location, the Terra founder says that he’s not hiding and leading a normal life.
In the recent development, Terraform Labs said that the case against Do Kwon remains “highly politicized”. In a statement to Bloomberg, the spokesperson said that the south Korean prosecutors had demonstrated “unfairness and a failure to uphold basic rights guaranteed under Korean law”. He also stated that there’s “no reasonable bias” over their accusations of breaches of the capital market laws.
The implosion of the Terra ecosystem in May 2022 led to the erosion of more than $60 billion worth of investors’ wealth. The South Korean prosecutors have recently sought the help of Interpol to find Terra founder Do Kwon. Earlier in September, Kwon was reportedly in Singapore. However, the city police said that Kwon is no longer there. The prosecutors had previously said that Kwon has been evading their probe.
Do Kwon Is Not Running Away
The Terra founder has denied allegations of him hiding anywhere and in a tweet earlier this week, he said that he’s living a very normal life. The Terraform Labs spokesperson also told Bloomberg that Kwon “is in contact with all government agencies that have asked to communicate with him,” via lawyers.
He further added: “he is not on the run and remains actively involved in the management and oversight of Terraform Labs.”
Recent reports suggested that Kwon has been moving over 3,000 Bitcoins from Terra’s reserves. However, the parent group – Luna Foundation Guard – has refused this thing.
Later, Do Kwon himself responded stating: “What has been probably the most surprising in all this is the amount of misinformation that gets spread. There is no cashout as alleged, i havent used KuCoin or Okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen.”
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