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Stablecoins, pegged to fiat currencies such as US dollar or gold, were touted as an alternative to protect investors from volatile crypto markets.
Do Kwon, the founder of the collapsed Luna and TerraUSD tokens, said he’s not "on the run” hours after Singapore police stated he was no longer in the country.
The man behind Terra is wanted by South Korean authorities and is not in Singapore, but tweeted that he's not hiding.
It was only a few days ago when Luna Classic saw its price skyrocket to over 480%.
Authorities trying to establish Do Kwon’s whereabouts over currency fallout that sparked over US$500 billion in losses.