Terra’s Do Kwon says South Korea’s charges against him not legitimate and politically motivated • TechCrunch
Do Kwon says the charges against him by South Korean prosecutors are not legitimate and politically motivated, as he shares a rare update on what has become one of the crypto industry’s most notorious events this year in the wake of his $40 billion wipeout. Tera Blockchain.
Kwon said he has not yet received a copy of the INTERPOL Red Notice and understands that the order does not include an international arrest warrant. Meanwhile, he said he is complying with “all document requests” made by South Korean prosecutors.
“Each sovereign nation can interpret the Red Notice in the way it sees fit,” he said By Laura Shin On her Unchained podcast. He said he plans to address and appeal and do everything in his power to reach a “better outcome.”
Interpol. international police Issue a red notice to Kwon Last month, after South Korean prosecutors submitted the request to the organization that facilitates the exchange of international police information and arrest requests. Earlier this month, South Korea Kwon ordered him to hand over his passportor risk cancellation.
The second point of clarification is that since the end of last year, I have not lived in South Korea. So it wouldn’t be accurate to say [the order is about me] Back to South Korea. The most accurate point, he said, is that I will travel to South Korea.
Media reports said Kwon was on the run and left Singapore. Kwon questioned many of the findings in media reports, but declined to reveal where he currently lives, citing personal security and privacy concerns.
Kwon also expressed disappointment over the excesses of South Korea’s Financial Services Commission, which he said is tasked with developing regulatory policy but increasingly implementing enforcement actions. He said that the Korean government as well as the Financial Services Commission do not classify cryptocurrencies as securities. “It is therefore not within their purview to regulate cryptocurrency for this reason,” he said.
“We are a bit disappointed in the way prosecutors are trying to create a new regulation through criminal enforcement action, when it really should be within the job description of the legislature or at least the financial regulators,” he said, adding that he did not believe that “none of the charges relating to the Capital Markets Act” are “legitimate” and “politically motivated.”
Terra Ecosystem’s UST stablecoin and cryptocurrency LUNA — both intertwined — collapsed within days in May this year, wiping out the personal savings of countless individuals. Kwon took full responsibility for the blockchain failure. “I take full responsibility. It’s not easy – the hardest thing in the current situation is having to be content with a huge astronomical loss. It’s very hard to describe in words, but the scale of the financial, emotional and economic damage that has been done here is not easy to live with,” said Kwon, who He looked sad and remorseful.
Over the years, as Luna has grown, Kwon has built a reputation for posting derogatory tweets to others, often calling blockchain critics poor. He said on the podcast that he should have adhered to stricter standards. “Just because there are anonymous cartoon characters, more liberal with the words they use, doesn’t mean I should have followed.”
(more to follow)