According to local reports from South Korea, the country’s Ministry of Foreign Affairs is seeking to revoke the passport of Terraform Labs founder Do Kwon. The story was published the day after it was announced that the Seoul Southern District Prosecutor’s Office had issued an arrest warrant for Kwon.
Local reports say South Korean authorities are targeting Do Kwon’s passport.
In the year On Wednesday, September 14, 2022, Bitcoin.com News reported that Do Kwon, founder of Terraform Labs, and a report published by Forecast News reported that South Korean authorities had issued an arrest warrant for Kwon. Kwon is believed to be currently living in Singapore and in a few recent interviews, the founder of Terraform Labs said he was “very sad” when the crypto project failed.
However, Kwon has been accused of scandals such as spending $2.7 billion before the once-stable coin UST left $1. Kwon, Terraform Labs and its affiliates also face a class-action suit for selling unregistered securities. Following the issuance of Kwon’s arrest warrant, the next day South Korean newspaper Moonhwa published an editorial saying that Kwon’s passport might be in trouble.
According to a Moonhwa report, South Korea’s Ministry of Foreign Affairs is reportedly looking to revoke Do Kwon’s passport. In its report, the local correspondent stated that the passport rejection process can take up to 30 days.
A Moonhwa editorial said South Korean law enforcement officials wanted Kwon returned to South Korea for questioning. In an hour-long interview with coinage.media published in mid-August, Kun said South Korean officials had not heard of any investigation.
In addition to South Korea, the US Securities and Exchange Commission (SEC) is also investigating crypto firm Terraform Labs and the project’s stablecoin collapse, according to a report in June. The following month, another report said South Korean prosecutors raided the home of Shin Yoon-seong, Kwon’s partner and founder of Terraform Labs.
Official records indicate that Kwon dissolved Terraform Labs days before the project’s demise. Three members of Terraform Labs’ in-house legal team suddenly resigned amid the collapse of the blockchain project.
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