According to Reuters, Terra’s founder, Do Kwon, is reportedly not in Singapore, citing the Singapore Police Force.
According to local media reports, Singapore Police stated that “the wanted crypto developer Do Kwon was not currently in the city-state.”
The Singapore Police promised to assist the South Korean police in its attempt to arrest the embattled founder.
Singapore’s local media reports also confirmed this development.
Earlier in the week, the South Korean government issued an arrest warrant for Kwon, citing a violation of capital market regulations that led to a $40-billion loss for investors.
The arrest warrant is valid for a year. Meanwhile, reports have emerged that South Korea’s Ministry of Foreign Affairs is trying to get Kwon to return his passport.
In his sole interview after the crash, Kwon claimed that South Korean authorities had not contacted him.
The Terra founder has been entangled in several lawsuits in South Korea and the United States from investors who lost heavily to the ecosystem’s crash.
Do Kwon Denies Being “On the Run”
Do Kwon has denied claims that he is on the run in a tweet.
According to Kwon, those who have rights to know his whereabouts are his friends, those he plans to meet or whoever he is “involved in a gps based web3 game.”
Kwon continued that the interest in his location amounts to an invasion of privacy.
Kwon added that he has been cooperating with government agencies “that (have) shown interest to communicate.”
This is Kwon’s first public statement since news about his arrest warrant emerged.
Terra’s LUNA Rises 8%
Terra’s LUNA token has risen by over 8% in the last 24 hours to $3.14, according to data from Coingecko.
Per the data, the token has crashed by 38% over the last seven days. It is also trading at over 80% away from its ATH.
Other Terra-linked tokens like Terra Luna Classic (LUNC) also saw their value rise by 0.8% to $0.00031494 within the last 24 hours.
LUNC has been in the news recently for its massive rise after introducing a 1.2% burn tax on all swaps. The burn tax has enjoyed the support of major exchanges like Binance.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.