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Crypto Fugitive Do Kwon Said To Be Hiding In Europe, Mocks ‘Cops From World over’ in Series Of Tweets
The South Korean founder of the collapsed Terra stablecoin, faces multiple allegations of wrongdoing, the latest being price manipulation.
Muskaan T.
6:16 4th Nov, 2022
Markets

The chief executive officer of Terraform Labs Pte. Kwon Do-hyung, or Do Kwon, said with more than a hint of sarcasm on his verified Twitter handle that he will reveal his whereabouts soon.

South Korean prosecutors have issued an arrest warrant for Kwon and five other Terra associates in relation to the collapse of the Terra stablecoin this year. Interpol has issued a red notice for all six, which asks global law agencies to locate and provisionally arrest them.

“Alright I’ll throw a meetup/conference soon to get over this in hiding bs … Cops from world over welcome to attend” Kwon wrote on Twitter early morning on Friday, Asia time.

In a followup tweet, Kwon left what appears to be a comment for South Korean prosecutors: “For those of you that have been spreading falsehood on the taxpayers dime, you are invited with VIP honors – will even pay for your plane ticket … Show up if you dare.”

Kwon posted the tweet not long after South Korean media reports, citing local prosecutors, said the Terra chief had moved from Singapore to a country in Europe. Nicholas Platias, the former Terra Head of Research who is also under investigation by South Korean authorities, has returned to his native Greece, according to the reports.

Choi Sung-kook, prosecutor at South Korea’s Seoul Southern District Prosecutors’ Office, confirmed with Forkast that what has been reported is “not false.” He declined to disclose which country in Europe the prosecutors believe Kwon is residing in.

South Korean prosecutors last month said that Kwon had left Singapore in September and flew to a third country via Dubai.

Manipulation?

Additionally, Choi confirmed prosecutors have obtained private messages of Do Kwon allegedly telling a Terraform Labs employee to manipulate the market price of the Terra stablecoin and the associated Luna cryptocurrency, now Luna Classic. This was first reported by local media in South Korea.

South Korea’s charges against Kwon include fraud and violation of the Capital Markets Act in relation to the collapse in May of the Terra stablecoin, which at its peak had a market capitalization of US$60 billion, causing losses for hundreds of thousands of investors.

Kwon and Terraform Labs have not responded to Forkast’s request for comment on the allegations as of Friday morning.

See related article: Terra CEO Do Kwon, wanted in South Korea, left Singapore and flew to parts unknown via Dubai

Do Kwon and Terraform Labs are also the subject of a class action lawsuit in Singapore, filed on behalf of 359 multinational investors who claim losses of US$57 million in the collapse of Terra.

According to the official judiciary website of Singapore, a follow-up hearing for the lawsuit was scheduled to occur on Wednesday, but the notice has since been removed and no update is available.

Source



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