Do Kwon rejects allegations against him and refuses to name his country of residence

Do Kwon reiterates that he is not on the run and declines to disclose his location.

Do Kwon, founder of Terra, on the Unchained podcast with Laura Shin, again stated that he is not on the run. However, he declined to disclose his whereabouts.

According to Kwon, the charges brought against him in South Korea are “politically motivated”.

“We are somewhat disappointed that the prosecutor’s office is trying to create new regulation through criminal proceedings, when this is the responsibility of the legislature or at least financial oversight,” he said.

Kwon is being sought by the country’s authorities along with five other Terraform Labs employees on charges related to the collapse of the Terra project.

He states that he has not seen an arrest warrant and that all information has come from the media.

“I don’t think any charges under the Capital Markets Act are applicable. The government’s position is that cryptocurrencies do not fall under its scope since they are not securities. Therefore we consider these charges unlawful and politically motivated,” Kwon said.

Earlier, he had denied that he was evading authorities. He also refused to name his country of residence:

“The easier it is for people to locate my whereabouts, the harder it will be for me to lead a normal life.”

The main reason, he said, is concerns for personal safety and noted that in May investors who suffered losses stormed his homes in Singapore and South Korea.

Kwon commented on the September transfer of LFG-related bitcoins to the KuCoin and OKX exchanges. He said that moving funds to the platforms does not necessarily mean they were sold.

This is not the only movement of funds by the organization that has raised questions.

“There were claims that we moved LFG funds to a Gemini deposit wallet, and then they stayed there or something like that. All we did was confirm a trade with a market maker and transfer the Bitcoin to an address at his instruction,” Kwon said.

He added that he hired an analytics firm that gained access to Luna Foundation Guard’s data. In the coming “few weeks” the firm is allegedly to publish a report that will provide “much more clarity”.

“There are no misappropriations or theft of funds, or anything like that, as appears to be reported in the media,” he stressed.

Regarding the promised return of funds to users, he said he could not estimate how long the process might take.

“LFG is not in a position to freely dispose of assets. A civil case is expected to be filed against it,” he noted.

Earlier in September, he said that he was not on the run and is cooperating with law enforcement.

According to media reports, the prosecutor’s office asked the Ministry of Foreign Affairs to cancel his passport and has sent a request to Interpol for a red notice.

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