According to local reports originating from South Korea, the country’s Foreign Ministry is attempting to invalidate the passport of Do Kwon, co-founder of Terraform Labs. The article was published a day after the Southern Seoul District Public Prosecutor’s Office reportedly issued an arrest warrant for Kwon.
Local reports said that South Korean authorities are targeting Do Kwon’s passport
On Wednesday, September 14, 2022, Bitcoin.com News reported on Do Kwon, co-founder of Terraform Labs, and reports published by Forkast News that South Korean authorities have issued an arrest warrant for Kwon Kwon is currently in Singapore. believed to be living in Singapore, and in several recent interviews, the co-founder of Terraform Labs said he was “devastated” when his crypto project collapsed.
However, Kwon has been accused of shady practices, including allegedly cashing in $2.7 billion before the once-stable Coin UST broke out of parity at $1. Kwon, Terraform Labs, and his associates also face a class action lawsuit for allegedly selling unregistered securities The day after Kwon’s arrest warrant was reported, the Korean newspaper Munhwa published an editorial the next day that Kwon’s passport might be in question.
According to Munhwa’s reportthe South Korean Foreign Ministry is reportedly considering revoking Do Kwon’s passport. Local reporters noted in their report that the passport revocation process can take up to 30 days.
Munhwa’s editorial also noted that South Korean law enforcement officials want to return Kwon to South Korea for questioning.In aone-hour interviewwith coinage.media published in mid-August, Kwon was not contacted by South Korean authorities about the investigation. Kwon stated that he had not been contacted by South Korean authorities about the investigation.
In addition to South Korea, a report noted in June that the U.S. Securities and Exchange Commission (SEC) was investigating the collapse of crypto firm Terraform Labs and its project stablecoin. The following month, another report claimed that South Korean prosecutors raided the home of Shin Hyun-seong, Kwon’s partner and co-founder of Terraform Labs.
Official records further indicate that Kwon dissolved Terraform Labs a few days before the project disappeared. Three members of Terraform Labs’ in-house legal team abruptly resigned amid the collapse of the blockchain project.
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