South Korea’s Ministry of Foreign Affairs Plans to Revoke Do Kwon’s Passport – According to local reports stemming from South Korea, the country’s Foreign Ministry is considering to invalidate the passport of Terraform Labs co-founder Do Kwon. The report was published the day after the Southern District Prosecutors Office in Seoul issued a warrant for Kwon’s arrest.
On September 14, 2022, it was reported that Do Kwon, the co-founder of Terraform Labs, and a Forkast News report claimed that South Korean officials issued a warrant for Kwon’s arrest. Kwon is believed to be in Singapore at the moment, and in recent interviews, the Terraform Labs co-founder stated that the failure of his crypto project left him “devastated.”
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Kwon, on the other hand, has been accused of shady acts, including allegedly cashing out $2.7 billion before the once-stable coin UST depegged from its $1 parity. A class-action lawsuit has also been filed against Kwon, Terraform Labs, and his associates for allegedly selling unregistered securities.
Following the reported arrest warrant for Kwon, the South Korean newspaper Munhwa published an editorial the next day claiming that Kwon’s passport may be in jeopardy. The South Korean Ministry of Foreign Affairs is reportedly looking to revoke Do Kwon’s passport, according to the Munhwa report.
According to the local reporter, the passport invalidation process could take up to 30 days. According to the Munhwa editorial, South Korean law enforcement officials would like Kwon to return to South Korea for questioning. During an hour-long interview with coinage.media in mid-August, Kwon stated that no South Korean officials had contacted him regarding any investigations.
In addition to South Korea, the Securities and Exchange Commission (SEC) in the United States was investigating the crypto firm Terraform Labs and the project’s stablecoin collapse, according to a June report.
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Another report the following month claimed that South Korean prosecutors raided the home of Kwon’s partner and Terraform Labs co-founder Shin Hyun-seong. According to official records, Kwon dissolved Terraform Labs just days before the project’s demise. Three members of Terraform Labs’ in-house legal team also abruptly resigned amid the fallout from the blockchain project.
