World

Terra founder Do Kwon says he ‘never’ has been in touch with Korea authorities

DO KWON, the co-inventor of the failed Terra stablecoin system whose collapse wreaked havoc in the crypto sector, said investigators in South Korea haven’t made charges or got in touch.

In a taped interview with crypto media startup Coinage, the co-founder of Terraform Labs, speaking from his Singapore office, was asked if he plans on going back to Korea. “It’s kind of hard to make that decision, because we’ve never been in touch with the investigators. They’ve never charged us with anything.” Kwon said.

Kwon said he plans to cooperate when the time comes. When Coinage’s host Zack Guzman floatedthe prospect of any jail time, Kwon said, “Life is long.”

The crash of Terra stablecoin and its related token Luna earlier this year caused billions of dollars of losses for investors around the world. It contributed to the losses of crypto hedge fund Three Arrows Capital, which is under liquidation. That, in turns, led to contagion hitting crypto lenders and brokers such as Voyager Digital Ltd and Celsius Network Ltd.

South Korean prosecutors has required Kwon to notify authorities when he returns to the country, as they investigate allegations of illegal activity behind the collapsed stablecoin TerraUSD. Authorities also banned current and former employees of Terraform Labs from leaving the country. – BLOOMBERG

Dayang Norazhar

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