Do Kwon, the wanted South Korean founder of failed cryptocurrency Terra, on Sunday denied he was on the run after Singapore police said he was not in the city-state as believed.

Kwon’s whereabouts were questioned following the Singapore Police Force (SPF) statement late Saturday and his tweets did not reveal where he was.

The collapse of Terraform Labs earlier this year wiped out about $40 billion in investor funds.

A South Korean court issued an arrest warrant for Kwon on Wednesday.

He tweeted early Sunday, “I’m ‘not on the run’ or anything,” but didn’t reveal his whereabouts.

“For every agency that has shown interest in communicating, we work fully together and have nothing to hide,” he added.

“We are in the process of defending ourselves in multiple jurisdictions … and look forward to clarifying the truth over the coming months.”

The 31-year-old is said to have been formerly in Singapore, where he last month gave his first media interview since the crypto operator shut down in May.

Late on Saturday, the SPF said in an email response to an AFP query that “Do Kwon is currently not in Singapore”.

“SPF will provide support to the Korean National Police Agency (KNPA) within the framework of our domestic legislation and international obligations,” the brief statement said, which gave no further details.

Singapore’s Straits Times newspaper has reported that Kwon’s work permit in the city-state would expire on December 7, but his application for an extension could now be at risk.

South Korean prosecutors have also issued arrest warrants for five other people — who have not been named — linked to the stablecoin TerraUSD and its sister token Luna.

Kwon’s Terra/Luna system dissolved in May, with the price of both tokens crashing to near zero and the consequences hitting the broader crypto market. Its collapse caused more than $500 billion in losses.

Stablecoins are designed to have a relatively stable price and are usually pegged to a real commodity or currency.

However, TerraUSD was algorithmic – it used code to keep its price around $1.

Many investors lost their life savings when Luna and Terra went into a death spiral, and South Korean authorities have launched multiple criminal investigations into the crash.