Terra Founder Do Kwon Denies Being On The Run

Terraform Labs CEO, Do Kwon, has denied allegations from law enforcement agencies that he is on the run. This denial comes after Interpol issued a Red Notice for his arrest last month. He added that the charges leveled against him were because of political reasons.

During a recent Podcast interview, Do Kwon explained his reasons for moving to Singapore. The Terra founder said his relocation from South Korea to Singapore happened before the collapse of his Terra project.

The Terra network crash wiped out over $60 billion in cryptos from the crypto market. In addition, Do Kwon revealed that the South Korean government had no reason to believe that he and his company employees had moved to Singapore.

The controversial founder was also an anonymous founder of another failed stablecoin project (Basic Cash); a 2020 crypto-related project. Do Kwon also stated that no government agency had frozen his money. Furthermore, he denied rumors that any authority had transferred his money, which is connected to the Luna Foundation Guard, to a Gemini custody wallet.

Politically Motivated Charges

According to Do Kwon, the numerous charges against him by prosecutors from South Korea are illegal and were motivated by political reasons. The South Korean prosecutors released a Red Notice on his arrest last month. Interpol had already issued a similar warrant, making him subject to arrest.

Interpol is an agency concerned with international police case exchange and arrest requests. However, the Terra founder has claimed that he’s yet to get a copy of the Red Notice from Interpol. He further said the order does not have an international arrest warrant based on his understanding.

Additionally, he is following every warrant made by his prosecutors from South Korea. He revealed that he wants to move an appeal against the order and ensure that he can get a favorable outcome. Nevertheless, the South Korean government has told Do Kwon to submit his passport to them.

Do Kwon Is Not Happy

According to Do Kwon, he’s unhappy with the Financial Services Commission (FSC) because of their blatant overreach. He said that the primary responsibility of the FSC is to set up rules and regulations and not be involved in enforcing the law.

Do Kwon explained that the FSC and the South Korean government do not see cryptocurrency as securities. Nonetheless, he took full responsibility for the Terra project’s failure, including the associated tokens (LUNA and the UST).

The value of both cryptos dropped to zero within a few days, causing many investors and traders huge losses. However, it is worth noting that Kwon built his reputation by building Terra as one of the most prominent blockchains in the crypto space.

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