The founder of failed cryptocurrency, Terra, Do Kwon has refuted allegations that he was on the run after a warrant was issued for his arrest.
Last week, a South Korean Court has issued an arrest warrant for Do Kwon, the co-founder of now embattled stablecoin issuer Terraform Labs.
The court also ordered the arrest of the head of research Nicholas Platias, as well as employee Han Mo and three others.
In a series of tweets yesterday, Do Kwon denied that he was evading arrest by authorities as believed by many.
“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
“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
“Cheers 🥂” his tweets read.
In May, Luna, and TerraUSD, both cryptocurrencies crashed, causing hundreds of investors to lose their investments.
Terra’s UST and LUNA tokens lost nearly $45 billion (€44 billion) in value within 72 hours leading to three cryptocurrency companies going bankrupt.
The token was relaunched in late May, amid uncertainties and widespread outrage regarding the failed project.
Reports indicate that authorities are now charging Do Kwon with the offense of violating the Capital Markets Act.
South Korean authorities had since then commenced investigations into the Luna collapse shortly after it unfolded, with many investors reporting the firm for fraud.
