Do Kwon is hiding from law enforcement

On Sunday, September 18, South Korean prosecutors said that Terraform Labs founder Do Kwon, who is wanted on fraud charges, is «apparently on the run» and is not cooperating with the investigation. The remarks were made in response to Kwon’s Saturday statement on Twitter, where he wrote that he had no intention of hiding and was ready to cooperate with law enforcement. At the same time, Singapore police reported that Terraform’s founder and CEO had left the country.

Blockchain firm Terraform Labs is involved in a criminal case for fraud and tax evasion. After the collapse of the TerraUSD (UST) token in June 2022, TerraformLabs' attempt to recover ended in failure, with the LUNA 2.0 cryptocurrency token dropping in value by 85%. And in early July, law enforcement agencies in South Korea and the United States agreed to cooperate in the investigation of the Terra ecosystem’s collapse. Do Kwon and Terraform Labs are still the subject of many lawsuits.

on September 3, a new token called «JailKwon» appeared in the cryptocurrency space, created in honor of the TerraformLabs CEO. The team behind the NFT describes the token as a meme coin. The developers of JailKwon say that the project intends to shed light on what happened during the Terra collapse. «Whenever you see or hear the name Do Kwon, LUNA, or LUNC, the JailKwon token will be nearby,» the developers said.

It is worth noting that Do Kwon has not yet started cooperation with the Korean prosecutor’s office, but in August, before the official charges of fraud were filed, he hired a defense lawyer. «We are currently establishing the whereabouts of the suspect Do Kwon and planning his arrest,» said a representative of the Seoul Prosecutor’s Office, adding that the agency would cooperate with local and foreign investigative authorities to get to the bottom of the case.