Terraform Labs’ Do Kwon Denies Escape from Singapore • The Register

Do Kwon, founder of troubled cryptocurrency firm Terraform Labs and a wanted man in Korea, took to Twitter over the weekend to deny he was “on the run” and claimed he was cooperating fully with authorities to stop the Investigating crypto meltdowns where he had a hand.

Kwon’s tweet came in response to comments allegedly issued over the weekend by Singapore police, who claimed he had left the city-state where he lived and where Terraform Labs was headquartered.

That statement came after South Korea issued an arrest warrant for him last week assert Kwon and five others had violated the nation’s capital markets law.

In the five tweet threadKwon also said:

prosecutors allegedly stated On Sunday they were in the process of locating and arresting Kwon, who allegedly did not participate in the investigation but had also said through his lawyer that he intended not to appear for questioning.

According to South Korean outlet Yonhap, prosecutors responded on Sunday that Kwon was “apparently on the run” when he flew to Singapore in late April and wound up Terraform Labs’ South Korean branch. The closure came days before the $40 billion mark mega crash of the company’s so-called “stablecoin” system.

kwon called the timing of Terraform Labs leaving South Korea is “purely coincidental”. local media reported The closure was a tax minimization tactic. Kwon claims the taxes have been paid in full.

Whatever the true nature of his tax affairs, Kwon led the May crash of the stablecoin he developed. This incident led to a slump in crypto coin assets, leading to what has been dubbed “crypto winter.”

The stablecoin was said to be indestructible as its value was pegged to the US dollar. This claim was far from the truth as investors lost huge sums of money and one fan was left with this unfortunate permanent situation:

Following the infamous crash and a failed attempt to launch a revamped coin in late May, Terraform Labs and Kwon have remained relatively quiet in their social media presence. The company last week announced it had … run a fairly new version of its website.

reports have now surfaced that South Korea has sought to have Kwon’s passport revoked. If the pass is revoked, he has two weeks to return to Seoul.

His current work visa for stay in Singapore, called Employment Pass, expires on December 7, according to Singapore Straits Times. An application to extend or apply for this visa is pending.

That Straits Times also reported that Kwon’s application for another type of visa for foreign entrepreneurs, called EntrePass, was rejected by the Singapore Department of Labor.

The Monetary Authority of Singapore (MAS) has repeated warned its residents not to invest in retail cryptocurrency. MAS Board Member Alvin Tan devices coincidentally last April that Singapore’s pro-business policies could create “reputational risks” when it comes to cryptocurrency companies.

Since the start of the crypto winter, MAS distant away from such companies. MAS CEO Ravi Menon said at a media conference in July that Terraform Labs and its related reserve holding nonprofit Luna Foundation Guard are not regulated by the corporation and have never applied for a license from MAS or sought an exemption.

A few weeks earlier, MAS fintech chief Sopnendu Mohanty vowed to act “brutally and unrelentingly tough” on any shady crypto player. “We do not tolerate bad market behavior”, said Mohanty. ®

https://www.theregister.com/2022/09/19/do_kwon_korea_arrest_missing/ Terraform Labs’ Do Kwon Denies Escape from Singapore • The Register

Laura Coffey

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