Do Kwon says he's legally residing in current country; report indicates in Europe

Quick Take

  • Terraform Labs founder Do Kwon may be in Europe.
  • South Korea says it has evidence of Kwon ordering market manipulation.
  • Kwon claimed they are likely referring to his attempts to stabilize UST.

Terra founder Do Kwon may be in Europe, South Korean prosecutors told national news outlet KBS

The beleaguered crypto project head has refused to publicly reveal his location following the meltdown of the Terra ecosystem in May.  

Kwon, a native of South Korea, reportedly left Singapore for an unknown location in September, via Dubai, according to KBS. He is wanted in South Korea on charges of violating the capital markets act.

The KBS report notes that South Korea invalidated Kwon's passport after his purported arrival in Europe. 

When reached for comment, Kwon told The Block that his current residence is "fully legal" and he has no plans to use his Korean passport. 


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He also defended himself against accusations made by prosecutors that he ordered price manipulation of Terra's UST stablecoin, which was supposed to be pegged to one US dollar. 

“I think they mean we’ve traded UST for the purposes of stabling its price and the answer to that is yes — also discussed in multiple podcasts [and] public venues,” he said.

When asked if he was in Europe, he deferred to a previous tweet, saying that people have "no business knowing" his location.

He has repeatedly claimed that he is not in hiding and continues to be active on Twitter, even poking fun at those searching for him. On Thursday, he said he would throw a conference and "cops" from the world over would be welcome to attend.

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About Authors

Callan Quinn is an NFT, gaming and metaverse reporter. She started her career working for the expat magazine City Weekend in Guangzhou, China. She also has worked as a business journalist in the UK, Somaliland and the republic of Georgia. Before joining The Block, she was a freelance journalist covering the Chinese tech industry. She speaks Mandarin, French and German. Get in touch via Twitter @quinnishvili or email [email protected].
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].