The creator of the Terra and LUNA cryptocurrencies goes on the run

• Cryptocurrencies Flurry of messages of despair and support for investors after Luna lost 99% of its value

Do Kwon

, the creator of the

, whose share price plummeted last May, is wanted

At the beginning of 2022, his name was relatively well known in the world of cryptocurrencies.

Founder of

, this developer was responsible for a pair of cryptocurrencies, Terra and LUNA, which on paper ensured stability and great returns on investment thanks to a complex algorithm that kept them balanced.

In May of this year, both currencies crashed, losing more than $30 billion in just one week.

Its fall led to the closure of the investment fund Three Arrows Capital and unleashed a

that also caused the rest of the cryptocurrencies to fall.

Kwon has maintained an active public profile in the aftermath of the crash and has even refloated LUNA, albeit this time without a fixed exchange currency like Terra, thanks to the support of the investment community.

Southern District Prosecutor's Office

, charged with investigating him for fraud, the developer has repeatedly refused to testify to authorities and, to all intents and purposes, has gone on the run.

Investigators last week issued an arrest warrant, asking the Korean government to invalidate his passport and asking Interpol to issue a

to authorities around the globe.

This level of alert makes it difficult to cross borders and allows police forces to arrest an individual while a formal extradition order is issued.

Kwon has tried to defend his situation through statements on social networks.

"I have not absconded or anything like that. To any government agency that has shown an interest in reaching out, we are in full cooperation and have nothing to hide," he said on Twitter on Saturday.

"We are in the process of defending ourselves in multiple jurisdictions. We maintain an extremely high level of integrity, and we look forward to clarifying the truth in the coming months," he added.

However, no one knows exactly where he is right now and Kwon himself has refused to come clean, saying it would be an invasion of his privacy.

His latest moves point to

, but he may have already left that country.

After learning of the prosecutor's request last week, the value of LUNA has fallen by nearly 30% and remains well below the value it once had after its relaunch at the end of May.

Conforms to The Trust Project criteria

Know more

• Twitter

• cryptocurrencies