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Terra Founder Do Kwon Reportedly Flees Singapore After Arrest Warrant

Sun, 09/18/2022 - 09:11
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Alex Dovbnya
The location of the controversial Terra founder remains unknown, but Kwon that he is not on the run
Terra Founder Do Kwon Reportedly Flees Singapore After Arrest Warrant
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According to a recent Reuters report, Do Kwon, the controversial founder of the Terra blockchain, is no longer in Singapore.

As reported by U.Today, a South Korean court issued an arrest warrant against Kwon and some other individuals earlier this week. The news temporarily put a dent in the speculation-driven rally of Terra tokens.

The co-founder of the Terra project, which imploded back in May, allegedly violated capital market laws.  

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It is worth noting that South Korea doesn’t hold an extradition treaty with Singapore. However, according to Bloomberg, Singapore police are willing to assist their South Korean counterparts.

On Thursday, local media reported that South Korean authorities had started the procedure of canceling Kwon’s passport. This would make the Terra founder an “illegal alien.” Following such a move, Kwon will likely appear on Interpol’s radar.

It is not clear whether Kwon and other Terra individuals involved in the Terra disaster have other passports. 

Despite mounting legal troubles, Kwon remains defiant. On Saturday, he tweeted that he wasn’t on the run, adding that he had nothing to hide. “We are in the process of defending ourselves in multiple jurisdictions,” he said. Kwon also tweeted that the cryptocurrency community “had no business” knowing his GPS coordinates.

As reported by U.Today, “Black Swan” author Nassim Taleb opined back in May that Kwon to be put behind bars in order to prevent him from launching new projects and scamming investors. Taleb said that Kwon was more dangerous than infamous fraudster Bernie Madoff. The Terra project has also been repeatedly compared to biotech scam Theranos.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.