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Do Kwon, the founder of the Terraform Labs cryptocurrency ecosystem, who is wanted by the South Korea prosecutor's office, is no longer in Singapore.

The Singapore Police Force confirmed that Do Kwon was no longer in the country, as had been believed.

AFP reported that SPF told CNA: "SPF will assist the Korean National Police Agency (KNPA) within the ambit of our domestic legislation and international obligations. Do Kwon is currently not in Singapore."

Claims he is not on the run

Do Kwon's whereabouts is further obscured after the SPF statement.

The 31-year-old was earlier believed to be in Singapore.

In August, he gave his first media interview since the crypto operator folded in May.

His latest tweets did not reveal where he was but he denied he was not on the run.

On Sunday, Sep. 18, Do Kwon said on Twitter: "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."

He only said he was uncomfortable with revealing his coordinates, and asked if anyone would be comfortable revealing that information.

He said in another tweet: "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

— Do Kwon 🌕 (@stablekwon) September 17, 2022

Background

South Korean prosecutors have issued arrest warrants for five other people beside Do Kwon who are supposedly linked to stablecoin TerraUSD and its sister token Luna.

The rest who are wanted were not named.

The Terra platform imploded in May 2022, which saw the collapse of the TerraUSD stablecoin after it crumbled from its dollar peg, shaking faith in the digital-asset sector, and sparking a global crypto rout, eventually bringing down the ecosystem.

Do Kwon also helped create Luna, another token that was part of the ecosystem, but then found himself at the centre of one of crypto’s biggest blowups.

The prices of both tokens tumbled to near zero.

They previously had a combined value of US$60 billion.

The fallout hit the wider crypto market.

Its collapse sparked more than US$500 billion in losses.

Stablecoins are designed to have a relatively stable price and are usually pegged to a real-world commodity or currency.

TerraUSD, however, was algorithmic as it used code to maintain its price at around one US dollar.

Top photo via Coinage YouTube